Chapter 18

Card Set Information

Author:
casenote
ID:
156337
Filename:
Chapter 18
Updated:
2012-05-29 21:52:32
Tags:
Chapter 18
Folders:

Description:
Chapter 18
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user casenote on FreezingBlue Flashcards. What would you like to do?


  1. Compensatory Damages (4 elements)
    Contract damages placing the NBP in as good an economic position as he would have been in if the BP had performed. Formula: (1)Loss of Value - (2)Costs Avoided + (3)Incidental Damages + (4)Consequential Damages (these are iffy)
  2. Loss of Value
    • Difference between Market Value & Contract Price
    • * MV - K Price for Buyer Award
    • * K Price - MV for Seller Award
  3. Costs Avoided
    Costs the NBP avoids by not having performed the K
  4. Incidental Damages
    Arise directly out of a breach
  5. Consequential Damages
    Normally considered lost profits to NBP. Hard to prove and very iffy since court doesn't want to punish BP.
  6. Limits on Recovery of Consequential Damages
    • * Foreseeability of Damages - NBP must prove that the BP had actual reason to know at the time the contract was made that the NBP would suffer this type of loss if a breach occured
    • * Certainty of Damages - NBP must prove the amount of this type of loss w/ reasonable certainty.
    • * Mitigation of Damages - NBP must prove that this type of loss could have been avoided by reasonable effort on the part of the NBP.
  7. Other Types of Damages
    • Reliance Damages - Place NBP in as good a position as they would have been if contract had NOT been made.
    • Restitution - Recovery of benefits the NBP conferred to BP
    • Nominal Damages - a small sum awarded where a contract has been breached but the loss is negligible or unproved.
    • Punitive Damages - Generally not recoverable fo K's
    • Liquidated Damages - damages agreed to in advance by the parties to a contract; will only be enforced if the amount is reasonable.
  8. Two Situations where NBP May Seek Restitution
    • 1.) Voidable K's - a party avoids a contract may get restitution for any benefit conferred to the other party
    • 2.) Statute of Frauds - if K is unenforceable b/c of the SOF, a party may recover the benefits conferred on the other party in reliance on the contract
  9. Remidies in Equity (3)
    • Available only where there is no adequate remedy at law (e.g. money won't suffice)
    • *Specific Performance, Injunction, Reformation
  10. Specific Performance
    Court decree ordering BP to render promised performance.
  11. Injunction
    Court order prohibiting BP from doing a specific act. Can't require BP to do something, only to NOT do something. (e.g. can't force singer to sing at place A but can make them not sing at place B if it would breach contract with place A)
  12. Reformation
    Court order correcting a written contract to conform with the original intent of the contracting parties.

What would you like to do?

Home > Flashcards > Print Preview