BU231 Chapter Notes - Chapter 15: Bona Fide Purchaser, Rescission, Precontract
Document Summary
In addition to remedies of termination (the right to treat the contract as discharged as a result of breach) , the injured party may have several other remedies available, depending on the type of breach and the subject matter of the contract: a) damages b) equitable remedies c) quantum meruit. Damages a money award to compensate an injured party for the loss caused by the other party"s breach. This is not intended to punish the party liable for the breach. Mitigation action by an aggrieved party to reduce the extent of loss caused by the breach of the other party. An injured party can recover only for the losses resulting from the breach that could not be reasonably avoided. If a party acts in a manner that aggravates or increases the resulting loss, it will be denied recovery for the additional damages. Damages usually are not awarded to compensate an injured party for some unusual or unexpected consequence of breach.
