33:140:320 Lecture Notes - Lecture 15: Oral Contract, Thirteenth Amendment To The United States Constitution, Specific Performance
Document Summary
Normally a court will not award an equitable remedy unless the remedy at law is inadequate. Damages are designed to compensate the nonbreaching party for the loss of the bargain. Courts often say that innocent parties are to be placed in the position they would have occupied had the contract been fully performed. Types of damages: compensatory (to cover direct loss and costs, consequential (to cover indirect and foreseeable losses, punitive ( to punish and deter from wrongdoing, nominal (to recognize wrongdoing when no monetary loss is shown, compensatory damages. Damages compensating nonbreaching party for the loss of the bargain. Compensate party for damages that actually occurred from the breach of the contract. Measure of compensatory damages is the difference between the value of the (cid:271)(cid:396)ea(cid:272)hi(cid:374)g pa(cid:396)ty"s p(cid:396)o(cid:373)ised pe(cid:396)fo(cid:396)(cid:373)a(cid:374)(cid:272)e u(cid:374)de(cid:396) (cid:272)o(cid:374)t(cid:396)a(cid:272)t a(cid:374)d the (cid:448)alue of thei(cid:396) actual performance. I. e. contract with a company to perform service for them for for the month of may.
