BU231 Chapter Notes - Chapter 15: Injunction, Precontract, Mandamus
Document Summary
Apart from treating contracts as discharged, aggrieved parties may seek other remedies to compensate for harm caused by breach of contract, typically damages. However other remedies are available when damage is insufficient. Types of remedies: damages, equitable remedies, specific performance, injunction, rescission, quantum meruit. How good do you expect life to be? . Opportunity costs of making a similar contract with a different promisor are an important reason for using expectation loss as a measure for damages. If a contract breaker were liable to pay only compensation for out of pocket expenses of the other party, they could ignore their obligations very often with little cost: contracts of sale. If seller has limited supply and the buyer breaches, then the buyer is liable for damages of initial profit as well as the expenses (and potential) losses in order for seller to find another buyer.
