Remedies (General)
What are the three interests (or theories) of recovery?
What are expectation, reliance and restitution?
This is the standard for determining general damages in real estate contracts?
What is the difference between the contract price and the fair market value of the property at the time of the beach?
This is the standard for determining whether a buyer is entitled to cover damages.
What is by making in good faith and without reasonable delay any reasonable purchase of goods in substitution for those due from the seller?
Under the American rule, each party is responsible for its own attorney's fees regardless of the outcome unless one of these exceptions applies.
What are: (1) by statute, (2) by court rules of civil procedure, (3) by agreements, (4) as collateral litigation, and (5) when the losing party has acted in bad faith.
Courts may order that a breaching party specifically perform the promises of a contract if these elements are met.
What are (1) money damages are inadequate, (2) the terms of the contract are certain and definite, and (3) it is feasible for the court to supervise the performance?
The most common basis of relief, this interest attempts to give the benefit of the bargain by putting plaintiff "in as good a position as he would have been in had the contract been performed."
What is expectation interest?
These are there the principal ways in which the court establishes fair market value.
What are (1) subsequent sale of the property within reasonable time and (2) comparable property sales?
These are the three general categories of incidental damages under the UCC.
What are: (1) costs associated with rejected goods; (2) costs associated with making a cover purchase; and (3) any other reasonable expense incident to the delay or other breach?
There is strong presumption against awarding these kinds of damages unless the breach involves a tort or if, "mingled" with the breach, are elements of fraud, malice, gross negligence or oppression.
What are punitive damages?
These are the two types of restitution that a party may be entitled to when the court attempts to restore a benefit that one party has conferred on another because it would be inequitable not to do so.
What are (1) market value restitution and (2) specific restitution?
This form of relief entails the breaching party actually providing the benefit of the bargain through performance. However, this form of relief is only ordered in extraordinary circumstances.
What is specific performance?
This is the standard for determining general damages in an employment contract when the employee breaches.
What is the additional cost incurred by the employer to purchase the same services?
The seller is entitled to receive the entire contract price in an "action for the price" only under these situations.
What are:
(1) the buyer accepted the goods but hasn’t paid the price;
(2) the goods were damaged after the buyer took control and where the risk of loss had already passed to the buyer; and
(3) the seller cannot resell the goods despite making reasonable efforts to do so?
This type of recovery will be excluded unless the breach also caused bodily harm or the contract or the breach is of such a kind that serious distress was a particularly likely result.
What are emotional distress damages?
Laches is an affirmative defense that prevents an equitable remedy if the party seeking the remedy has waited too long to assert his claim. The asserting party must prove these two elements.
What are: (1) there was an unreasonable delay, and (2) there is prejudice to the adverse party if equitable relief is allowed?
Under the expectation interest of recovery, the injured party is normally entitled to these types of damages, which are limited by principles of certainty, causation, foreseeability, and mitigation.
What are general, consequential, and incidental damages?
This is the standard for determining general damages in a construction and service contract when the contracting party breaches.
What is the cost expended by the contractor up until the breach plus the profit the contractor would have earned?
This is how damages are measured when a buyer accepts non-conforming goods.
What is the difference between the value of the goods accepted and the value as warranted?
A party might be able to get interest on their damages, subject to some limits. What are the two different kinds of interest the court can apply?
What are prejudgment interest and post-judgment interest?
These type of expenses are those costs incurred in preparation for or in performance of the contract that was breached, and these type of expenses are those costs incurred that are related to collateral contracts entered into in reasonable reliance on the contract that was breached.
What are essential reliance and incidental reliance?
The Court uses this three-prong test to determine whether a party is a lost volume seller.
When an employer breaches an employment contract, these factors are used by the court to determine whether a job is "substantially similar" to the position lost.
What are: (1) Line of business, (2) lower status, (3) geographic area, (4) potential for humiliation, embarrassment, or physical danger, and (5) different job but same salary?
If a seller attempts to resell the goods and gets a price lower than the contract price, they can seek resale damages. This is the standard used to determine resale damages.
What is the difference between the resale price and the contract price?
This provision states that parties agree at contract formation on specific amount to be paid as compensation if a party breaches the contract.
What are liquidated damages?
These are the three principal ways in which money damages should be offset or adjusted to avoid overcompensating a plaintiff.
What are (1) prepayments made by breaching party, (2) non-breaching party reduces loss through mitigation, and (3) breach results in a gain for non-breaching party?