Remedies for Breach

Question 1

The typical equitable remedy for Breach

Answer 1

Specific Performance

Question 2

specific performance

equitable remedy

Answer 2

an order by the court to complete performance of the contract

Question 3

for the vendee, SP is based on

eqt. remedty

Answer 3

the inherent uniqueness of the land

Question 4

for the vendor, SP is based on

equitable remedy

Answer 4

mutuality of remedy

Question 5

if mutuality of remedy is not recognized, the vendor is left with….
(equit. remedy)

Answer 5

remedy at law–damages

Question 6

Legal Remedies for Breach

Answer 6

-benefit of the bargain
-out of pocket
VENDEE chooses one of them

Question 7

Benefit- of the Bargain

Answer 7

the difference between the market value of the property at the time of the breach and the contract amount

Question 8

out-of-pocket

Answer 8

the amounts paid by the vendee to the vendor with interest and amounts paid to others for purchase-associated expenses

Question 9

limitation of recovery of Benefit-of-the-Bargain Damages

Answer 9

• half states ONLY allow if VENDOR’s breach was
  1) in bad faith
  2) Fraudulent
  3) Willful

Question 10

what is more speculative B-O-B or Out of pocket damages

Answer 10

BOB because the market value of the land at the time of the breach must be determined

Question 11

Vendor’s remedies (at law)

Answer 11

-his damages are amt promised by vendee PLUS associated expenses less the amount the vendor was able to receive from another party in mitigation.

Question 12

What MUST vendor when seeking damages at law

Answer 12

attempt to mitigate by selling the property to someone else

-IF HE fails, the amt the vendor SHOULD have gotten will be deducted