Business Law

Card Set Information

Author:
rebekaheh
ID:
67762
Filename:
Business Law
Updated:
2011-02-20 22:57:16
Tags:
Chapter Eighteen
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Description:
Contracts - Breach and Remedies
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  1. Special damages that compensate for a loss that is not direct or immediate (for example, lost profits). The special damages must have been resonably foreseeable at the time the breach or injury occurred in order for the plaintiff to collect them.
    Consequential Damages
  2. Losses reasonably associated with, or related to, actual damages resulting from a breach of contract.
    Incidental Damages
  3. 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.
    Liquidated Damages
  4. A rule requiring a plaintiff to have done whatever was reasonable to minimize the damages caused by the defendant
    Mitigation of Damages
  5. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered or when the plaintiff is unable to show such loss with sufficient certainty.
    Nominal Damages
  6. 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.
    Penalty
  7. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
    Reformation
  8. 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 occurred.
    Restitution
  9. 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 occured.
    Specific Performance
  10. An intentional, knowing relinquishment of a legal right
    Waiver

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