actual damage was suffered or when the plaintiff is unable to show such loss with sufficient
Mitigation of damages
, a rule requiring a plaintiff to have done whatever was reasonable to
minimize the damages caused by the defendant.
, an amount, stipulated in the contract, that the parties to a contract
believe to be a reasonable estimation of the damages that will occur in the event of a breach.
, a sum inserted into a contract not as a measure of compensation for its breach but
rather as punishment for a default. The agreement as to the amount will not be enforced, and
recovery will be limited to actual damages.
, an equitable remedy under which a person is restored to his or her original position
prior to loss or injury, or placed in the position he or she would have been in had the breach not
, an equitable remedy requiring the breaching party to perform as
promised under the contract; usually granted only when money damages would be an
inadequate remedy and the subject matter of the contract is unique (for example, real property).
, a court-ordered correction of a written contract so that it reflects the true
intentions of the parties.
, a Latin phrase, meaning “as much as he deserves,” that describes the extent
of compensation owed under a quasi contract.
, an intentional, knowing relinquishment of a legal right.
Ch 20 The Formation of Sales and Lease Contracts
, a contract for the sale of goods under which the ownership of goods is
transferred from a seller to a buyer for a price.
, the passing of title (evidence of ownership rights) from a seller to a buyer for a price.
, property that has physical existence and can be distinguished by the
senses of touch, sight, and so on. A car is tangible property.
, property that is incapable of being apprehended by the senses (such as
by sight or touch). Intellectual property is an example of intangible property.