BUS 410 Study Guide - Midterm Guide: Punitive Damages, Equitable Remedy, Liquidated Damages
29 Mar 2016
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Legal remedies: types of remedies you can sue for under breach of contract. 4 kinds: compensatory damages, consequential damages, nominal damages, liquidated damages. Penalties are only used if you can"t reasonably estimate damages (like liquidated damages) If the buyer is a merchant, lost sales calculation (courts hate speculation and assumptions, splits in the middle: buyer"s breach seller"s remedy. Nominal damages in name only: can sue for nominal damages (you could just get ) as a gateway for punitive damages, however, generally in contract cases courts don"t award punitive damages. 4 types: rescission and restitution, specific performance, reformation, and quasi- contractual recovery. Rescission and restitution: to rescind the contract and restore parties decided to get out of the contract and pay back any money that has been paid already. Ex: antique, painting, land: you sue for an injunction (to stop) in court for an enjoining and the court could order specific performance, for land:
