Remedies

Question 1

What are the damages remedies?

Answer 1

Compensatory
Punitive
Liquidated
Consequential
Specific Performace
Recission

Question 2

What do compensatory damages achieve?

Answer 2

put the non-breaching party in the same position as if breaching party had fully performed (value of service/ good)

Question 3

When are punitive damages available?

Answer 3

In a fraud case

Question 4

What are liquidated damages?

Answer 4

when beforehand damages are agreed on by both parties - however they are often struck down as it is viewed as punishment for breaking contract

Question 5

WHat are consequential damages?

Answer 5

relies on damages having been negotiated between parties (if you dont get me this by … then it will cost me…) if consequential it puts person in same position as if they recieved (no loss of profits)

Question 6

When is specific performance available?

Answer 6

when seller of property (land) fails to tender it to buyer - verdict is contract must be carried through

Question 7

What is Recission?

Answer 7

teh cancellation of a contract in the case of unilateral or mutual mistake