BALW20150 Chapter Notes - Chapter 19: Quasi-Contract, Oral Contract, Involuntary Servitude
29 Mar 2017
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Remedy= relief provided for an innocent party when the other party has breached the contract: most common remedies: damages, rescission and restitution, specific performance, reformation. Compensatory (to cover direct losses and costs) Plaintiff may recover the benefit of his/her bargain as well as damages naturally and proximately caused by the breach and damages that could have been reasonably contemplated by the defendant. The law can"t elevate the non-breaching party to a better position than she would"ve enjoyed had contract been completed. Standard measure of compensatory damages= difference between value of breaching party"s promised performance under contract and value of his/her actual performance. Incidental damages= expenses that are caused directly by breach of contract (ex. expenses incurred to find another job) Sale of goods compensatory damages= difference between contract price and market price. If seller has not yet produced goods, damages=lost profits on the sale. Sale of land remedy for seller"s breach of contract for sale of real estate= specific performance.
