BUSINESS LAW - CHAPTER 14 (Contract Breach and Remedies)

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rootbytes
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267944
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BUSINESS LAW - CHAPTER 14 (Contract Breach and Remedies)
Updated:
2014-03-27 17:25:33
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Business Law
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Business Law Contracts
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  1. Incidental Damages
    All costs resulting from a breach of contract, including all reasonable expenses incurred because of the breach.
  2. Compensatory Damages
    A monetary award equivalent to the actual value of injuries or damage sustained by the aggrieved party.
  3. Consequential Damages
    Foreseeable damages that result from a party’s breach of contract but are caused by special circumstances beyond the contract itself.
  4. Punitive Damages
    Monetary damages that may be awarded to a plaintiff to punish the defendant and deter similar conduct in the future.
  5. Nominal Damages
    A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
  6. Mitigation Damages
  7. Mitigation OF Damages
    The requirement that a plaintiff do whatever is reasonable to minimize the damages caused by the defendant.
  8. Liquidated Damages Clause
    An amount, stipulated in a contract, that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
  9. Specific Performance
    An equitable remedy in which a court orders the parties to perform as promised in the contract. This remedy normally is granted only when the legal remedy (monetary damages) is inadequate.
  10. Injunction
    • An injunction is a court order requiring an individual to do or omit doing a specific action. It is an extraordinary remedy that courts utilize in special cases where preservation of the status quo or taking
    • some specific action is required in order to prevent possible injustice.
  11. Quasi Contract
    An obligation or contract imposed by law (a court), in the absence of an agreement, to prevent the unjust enrichment of one party.

    IMPLIED IN LAW (Another Name for Quasi Contract)
  12. Unjust Enrichment / Quantum Meruit
    Quantum Meruit is a Latin phrase meaning "what one has earned". In the context of contract law, it means something along the lines of "reasonable value of services".

    It is used to prevent Unjust Enrichment

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