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Flashcards in Remedies for Breach Deck (12):
1

The typical equitable remedy for Breach

Specific Performance

2

specific performance
(equitable remedy)

an order by the court to complete performance of the contract

3

for the vendee, SP is based on
(eqt. remedty)

the inherent uniqueness of the land

4

for the vendor, SP is based on
(equitable remedy)

mutuality of remedy

5

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

remedy at law--damages

6

Legal Remedies for Breach

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

7

Benefit- of the Bargain

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

8

out-of-pocket

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

9

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

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

10

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

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

11

Vendor's remedies (at law)

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

12

What MUST vendor when seeking damages at law

attempt to mitigate by selling the property to someone else
-IF HE fails, the amt the vendor SHOULD have gotten will be deducted