Remedies 1
Remedies 2
Remedies 3
Remedies 4
Remedies 5
100

What are Expectation Damages?

Damages that put the plaintiff in the position as if the contract had been performed.
100

Formula for Expectation Damages

Contract Price minus Money Recieved/Saved) + Costs

100

If Buyer Breaches, and the goods were delivered and accepted, Seller can recover:

Contract Price

100

If Seller Breaches, and replacement goods were not purchased, Buyer can recover:

Contract price minus market price of the goods at the time of breach

100

Name 7 things parol evidence is admissible to show

1. partial integration of a contract

2.  fraud

3. mistake

4. duress

5. condition precedent

6. course of dealing

7. trade custom

200

What are Reliance Damages?

Damages that put plaintiff in the position he would have been prior to the contract. Includes unreimbursed costs.

200

Define Restitution

The innocent party will recover whatever property or money it has given to the breaching party to prevent unjust enrichment.

200

If Buyer Breaches, and some of the goods were delivered or none of the goods were delivered, Seller can recover:

Contract Price minus Market price of the goods

200

If Seller Breaches, Buyer can recover:

Incidental/Consequential damages - expenses saved

200

Name 3 things that are not valid consideration.

promise to give a gift

past consideration

moral consideration

300

What are Consequential Damages?

Consequential damages allow for the recovery of any losses which were (1) reasonably foreseeable and (2) contemplated by the parties at the time the contract was made

300

What are Liquidated Damages?

Damages that are determined at the time of a contract. Enforced if reasonable, so long as they don't look like a penalty.

300

If Buyer Breaches, and the goods were resold, Seller can recover:

Contract Price minus resale price

300

What is a novation?

An express agreement between the parties to a contract to substitute a new party for an existing party to the contract.

If there has been a novation then the substituted party no longer remains liable under the contract. The substitute will now be liable.

300

Name 4 things that ARE valid consideration

already given gift

promise to pay debt barred by statute of limitations.

promise to pay debt discharged by bankruptcy

forbearance to sue (promise not to sue)

400

What are Incidental Damages?

Incidental damages are expenses that arise after a breach which are associated with the transportation or care for goods and/or costs associated with arranging a substitute service or transaction.  

Ex. Advertising, Storage, Insurance, Delivery costs  

400

What is a lost volume seller, and what is the calculation only for lost volume sellers?

Lost Volume Seller is a seller that has a theoretically unlimited supply of the goods.

If a seller is a “lost volume seller”, and the buyer breaches, the seller will be entitled to its lost profit on the deal.

400

After any breach under the UCC, what is always added to what the seller can recover?

Incidental Damages

400

In a shipment contract, when the risk of loss shift to the buyer?

When goods are delivered to the carrier.

400

When is time of the essence in a contract?

Only when stated, which is when it becomes a condition of the contract. Otherwise, time is NOT of the essence.
500

What is an option contract?

A promise to hold open the offer plus consideration for that promise

500

What's the equation for quantum meruit?

Reasonable value of services minus damages incurred

500

If Seller Breaches, and the buyer had to purchase replacement goods, Buyer can recover:

Contract price minus the cost of the replacement goods.

500

What is an illusory promise?

A promise is illusory, and therefore unenforceable, if it is so indefinite that only one party is required to perform.   And that party retains control.

500

In a destination contract, when does the risk of loss shift to the buyer?

When the goods are delivered to the destination.

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