Contracts - Remedies

Question 1

What is the basic default for legal remedies

Answer 1

Expectation damages

Question 2

Expectation damages

Answer 2

puts you in the position you would have been had the K been preformed

Question 3

When will expectation damages be awarded

Answer 3

if it is foreseeable

with reasonable certainty

Question 4

What is the basic formula for expectation damages

Answer 4

Contract price - what you would have received / saved +any costs

Question 5

When expectation damages are to speculative or uncertain you award

Answer 5

Reliance damages

Question 6

What do reliance damages do

Answer 6

put the unbreaching party a position that they were prior to the contract

Question 7

What is usually awarded in reliance damages

Answer 7

Unreimbursed costs that I spent that i relied on the fact that there was going to be a K

Question 8

With reliance damages you cannot get

Answer 8

expectation damages

Question 9

What are resitutionary damages asking for

Answer 9

You are asking for the value of the benefits that I gave you

Question 10

When do you ask for resitutionary damages

Answer 10

when the K is partially preformed

Question 11

How do you measure resitutionary damages

Answer 11

the market value of the services

Question 12

Can you get expectation damages with resitutionary damages

Answer 12

No

Question 13

Consequential damages

Answer 13

As a result of the breach, foreseeable costs occurred

Question 14

Incidental damages are different from consequential damages because

Answer 14

they do not need to be foreseeable in order for you to get the out of pocket expenses

Question 15

Liquidated damages

Answer 15

Damages that determined at the time that you make the K because they are too speculative

Question 16

When are liquidated damages enforceable

Answer 16

when they are reasonable

AND

does not act like a penalty

Question 17

What is a rule of thumb in determining If the liquidated damages are a penalty

Answer 17

damages must not exceed 10%

Question 18

How does the breaching party receive damages

Answer 18

quantum merit

Question 19

What can you recover in quantum merit

Answer 19

reasonable value of my services - any damages they did

Question 20

If the goods have been delivered and accepted →Seller will get

Answer 20

K price

Question 21

If some or none have been delivered and none have been resold Seller will get

Answer 21

K price- Market price

Question 22

If Some or none of the goods have been delivered but Seller has resold, Seller will get

Answer 22

K price - resale price

Question 23

What can the seller also get

Answer 23

incidental damages for the additional costs or reselling of the goods.

Question 24

In order to think of a Lost volume seller, the fact pattern must state

Answer 24

that Seller is one

Question 25

Lost volume seller

Answer 25

can sell a million of these can be sold

Question 26

Formula for a lost volume seller

Answer 26

Profit the seller would have made + costs - any payment for reselling

Question 27

If the seller breaches and Buyer has bought replacement goods the formula is

Answer 27

K price - what you paid for the new goods

Question 28

If the seller breaches and Buyer has bought replacement goods the formula is

Answer 28

K price - market price of the goods at the time you learned of the breach

Question 29

Can buyers get incidental/consequential damages and if so what is the formular

Answer 29

Can always get the incidental / consequential damages - Expenses saved

Question 30

What is the difference between restitution and reliance damages

Answer 30

Contract needs to be partially preformed in restitutionary

Question 31

What are the different types of legal remedies

Answer 31

Expectation Reliance Resitution Consequential Incidental Liquidated Quatum Merit UCC sale of goods

Question 32

what are the 3 types of equitable remedies

Answer 32

Speific preformance Injunction Recession

Question 33

When can you get an equitable remedy instead of a legal remedy

Answer 33

when the remedy at law is inadequate

Question 34

When can you get specific performance

Answer 34

when the item is unique

Question 35

What is considered unique always under specific performance

Answer 35

Land

Question 36

What are injunctions

Answer 36

to stop something from happening

Question 37

When are injunctions usually granted

Answer 37

when the court believes it will prevent irrepable harm

Question 38

For injunctions, the fact pattern usually discusses

Answer 38

Employment K Trade secrets Proprietary information

Question 39

When is recession applied as a remedy

Answer 39

when there is no meeting of the minds

Question 40

What circumstances warrant recession

Answer 40

Mistake Misrepresentation Duress Lack of capacity

Question 41

When can you not get an unjust enrichment claim

Answer 41

when all the work giving rise to the claim has been done and the only remaining obligation of the homeowner is the payment of the price

Question 42

When the buyer breaches and the seller preformed what can you not get

Answer 42

the price of the contract

Question 43

When can you get the price of the K when the buyer breaches and the seller preformed

Answer 43

Where the buyer has accepted the goods Where the goods are lost or damaged within a commercially reasonable time after the risk has passed to the buyer Where the buyer has returned or rejected the goods and the seller is unable, after reasonable efforts, to resell the goods

Question 44

Reformation is only available due to a

Answer 44

shared misunderstanding

Question 45

If a buyer repudiates a K for unfished goods, the seller may proceed in a reasonable manner including the goods and the sellers damages in that situation are

Answer 45

the difference between the K price and the resale price