Chapter 16: Remedies

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Priscilla
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109839
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Chapter 16: Remedies
Updated:
2011-10-18 00:55:32
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Remedies
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Business Law and the Legal Environment, 5th Edition
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  1. REMEDY
    The method the court uses to compensate an injured person.
  2. INJUCTION
    An order forcing someone to do something to, or refrain from doing something.
  3. EXPECTATION DAMAGES
    The money required to put one party in the position she would have been in had the other side performed the contract.
  4. SPECIFIC PERFORMANCE
    Forces both parties to complete the deal.
  5. LIQUIDATED DAMAGES CLAUSE
    A provision in the contract that declares in advance what one party will recieve if the other side breaches.
  6. INTEREST
    A legeal right in something.
  7. EXPECATION INTEREST
    The goal is to put her in the position she would have been in if both parties had fully performed their obligations.
  8. RELIANCE INTEREST
    Unable to demonstrate expectation damages. So has to prove that he expended money so he shoule recieve compensation.
  9. RESTITUTION INTEREST
    Unable to show expectation or reliance, but has conferred a benefit on the other party so restore the benefit she has provided.
  10. EQUITABLE INTEREST
    No money damages is asked, more of a movement of property or an order forcing one party to stop doing something.
  11. COMPENSATORY DAMAGES
    Are those that floe directly from the contract.
  12. CONSEQUENTIAL DAMAGES
    Are those resulting from the unique circumstances of those injured
  13. INCIDENTIAL DAMAGES
    Relatively minor costs that the injured party suffers when responding to the breach
  14. COVER
    To make a good faith purchase of goods similar to those in the contract.
  15. RELIANCE INTEREST
    Puts the injured party in the position he would have been in had the parties never entered into a contract.
  16. RESTITUTION INTEREST
    Is designed to return to the injured party a benefit he has conferred on the other party. (w/ or w/out contract)
  17. RESCISSION
    To "undo" a contract and put the parties where they were before they made the agreement.
  18. INJUNCTION
    A court order that requires someone to do something or refrain from doing something.
  19. REFORMATION
    A process in which a court will partially rewrite a contract.
  20. MITIGATE
    To keep damages as low as reasonable.
  21. NOMINAL DAMAGES
    A token sum, such as a dollar, given to a plaintiff who demonstrates a breach but no serious injury.
  22. LIQUIDATED DAMAGES
    A clause stating in advance how much a party must pay if it breaches.
  23. PUNITIVE DAMAGES
    Designed not to compensate the injured party but to punish the breaching party.

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