Remedies

Question 1

Contract - Compensatory Damages

Answer 1

(1) Benefit of the Bargain
(2) Consequential
(3) Reliance
(4) Incidental
(5) Liquidated

Question 2

Benefit of the Bargain (Expectancy)

Answer 2

(1) Difference between Market Price and Contract Price

(2) Seller Breaches - additional market price above contract price

(3) Buyer Breaches - Difference between K price and cost of sale/production

Question 3

Lost Volume Seller Damages

Answer 3

(1) Someone who can sell as many of an item as they can find buyers

(2) If buyer says no, damage is the lost profit on the item—EVEN if resold

Question 4

Contracts Damages Requirements

Answer 4

(1) Causal
(2) Foreseeable
(3) Certain
(4) Unavoidable

NOT for Benefit of the Bargain damages

Question 5

Consequential Damages

Answer 5

(1) Damages that flow from a breach of K, OTHER than the cost of sale, profit and purchase price

(2) DO the 4 parter

Question 6

Reliance Damages

Answer 6

(1) Put party in position they would have been in had the contract not formed in the first place, like out of pocket expenses

(2) ONLY available if BoB are too speculative, OR there is no contract. Otherwise, expectancy.

Question 7

Incidental Damages

Answer 7

Reasonable Expenses from shipping, care, and custody of the goods, or reselling after breach for the seller.

Question 8

Incidental Damages

Answer 8

Reasonable Expenses from shipping, care, and custody of the goods, or reselling after breach for the seller.

Question 9

Liquidated Damages

Answer 9

(1) Parties stipulated amount

(2) Upheld if damages will be EXTREMELY DIFFICULT TO ASCERTAIN and amount is REASONABLE forecast

Purchase Ks (no more than 6-10%), SErvice (approx. of lost profit)

Question 10

Contract Damages Strategy

Answer 10

(1) BoB - Difference K Price and Market, or cover

(2) Lost Future Profits, Consequential, or Reliance - 4 factor analysis

(3) K never performed or BoB too speculative, reliance

(4) Liquidated damages - extremely difficult to ascertain/reasonable forecast/proportional

Question 11

Contract - Equitable Remedies

Answer 11

(1) Specific Performance

(2) Rescission

(3) Reformation

(4) Injunction

(5) Declaratory Judgment

Question 12

Specific Performance

Answer 12

(1) Valid K with Definite & Certain Terms

(2) Party met all conditions, or performance excused

(3) Legal remedy is inadequate

(4) Court supervision

Question 13

TRO

Answer 13

Elements for PI PLUS immediate harm

Question 14

Preliminary Injunction

Answer 14

(1) Irreparable Injury

(2) Likelihood of Success

(3) Balance of Hardships favors Injunction

TRO adds Immediate Harm

Question 15

Recission - Undoing Contract

Answer 15

When P offers to tender back consideration, the contract can be undone if:

(1) Mistake (mutual/unilateral)

(2) Misrepresentation

Question 16

Reformation

Answer 16

Grounds:
(1) Mutual/Unilateral Mistake or
(2) Mistake of Law as to the legal meaning of terms
(3) Fraud

Question 17

Declaratory Relief

Answer 17

Rights & obligations of a party to a contract

Question 18

Tort Damages

Answer 18

(1) General Foreseeable from the Injury

(2) Special Damages NOT foreseeable

(3) Punitive Damages

Question 19

Tort Damages Elements

Answer 19

(1) Causal

(2) Foreseeable at time of breach

(3) Certain

(4) Unavoidable

Question 20

Punitive Damages

Answer 20

(1) Willful and wanton conduct
(2) amounting to fraud, oppression, or malice.

CANNOT be grossly excessive

Question 21

Permanent Injunction

Answer 21

(1) Legal remedy is inadequate

(2) Court enforcement

(3) Balance of hardships favors injunction

Question 22

Property Remedies

Answer 22

(1) Damages

(2) Injunction - Trespass/Nuisance

(3) Waste

Question 23

Waste

Answer 23

(1) Voluntary - Injunction, Damages for lessened value

(2) Permissive - Damages for lessened value

(3) Ameliorative - Cost of restoration

Question 24

Quasi Contract

Answer 24

For - Illegal/Unenforceable Contract OR wrongful retention or obtaining of property

Question 25

Replevin

Answer 25

Common Law - Recover prejudgment possession UCC - Type 1: Buyer unable to obtain equal goods for identified ones - Type 2: Buyer paid, Seller didn't deliver and went insolvent OR goods for family purposes

Question 26

Ejectment

Answer 26

Remedy to restore possession of real property MUST bring it during statutory period or else adv. possession

Question 27

Constructive Trust

Answer 27

(1) Wrongdoer wrongfully obtains title (2) Sole obligation now is to convey title to the plaintiff P gets benefit of increase/appreciation of value Does not apply to comingling UNLESS wrongdoer obtains through theft/embezzlement

Question 28

Equitable Lien

Answer 28

commingles her own funds with (1) the funds misappropriated from P and maintains commingled funds in an account, or (2) uses the funds to improve property, or (3) sells title acquired with misappropriated funds and commingles those proceeds P gets lowest intermediate balance IF wrongful act, and comingled funds used to acquire title, P can get pro-rata share

Question 29

Purchase Money Resulting Trust

Answer 29

(1) Supply of consideration but lack of title creates presumption of resulting trust in P. (2) D rebuts presumption by evidence of (a) gift (b) loan (c) payment of debt

Question 30

Defenses to Remedies

Answer 30

(1) Laches (2) Unclean Hands (3) Sale to BFP (4) No Injunction