BLAW 2013 Lecture Notes - Lecture 19: Equitable Remedy, Punitive Damages, Damages
21 Mar 2017
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Document Summary
When damage= inadequate remedy > party may ask for equitable remedy. 4 elements of equitable remedy: rescission. Both parties must make to rescind contract: speci c performance. Non-breaching party= gain exact bargain in contract (actual performance) = rarely happen in sales of goods/ personal services. Land= all unique >$= inadequate > speci c performance applicable: reformation. Equitable remedy when parties have imperfectly expressed agreement in writing. Court= rewrite contract (re ect parties" true intentions) Damages for breaching contract: 4 types of damages, 1) compensatory damages ( incidental damages ) Loss of bargain (due to brach of contract: incidental damages: expenses directly caused by breach of contract. Cover only damages actually caused directly from loss of bargain. Breach by owner: before performance: pro ts that would be made, during performance: pro ts + costs incurred, after performance: entire contract price + interest. Breach by contractor: cost of completion (compensation for delay etc)
