Chapter 18
Order by
9 terms
Terms | Definitions |
|---|---|
 Types of Damages (4) | (1) compensatory (to cover direct losses and costs), (2) consequential (to cover indirect and foreseeable losses), (3) punitive (to punish and deter wrongdoing), (4) nominal (to recognize wrongdoing when no monetary loss is shown) |
| Incidental Damages | Expenses that are caused directly by a breach of contract - such as those incurred to obtain performance from another source |
| Mitigation of Damages | the duty owed depends on the nature of the contract |
| Liquidated Damages | provision in a contract that specifies that a certain dollar amount is to be paid in the event of a future default or breach of contract |
| Penalty | specific amount to be paid in the event of a default or breach of contract and is designed to penalize a the breaching party |
| Restitution | the return of goods, property, or funds previously conveyed. |
| Reformation | an equitable remedy used when the parties have imperfectly expressed their agreement in writing |
| Election of Remedies | In many cases, a nonbreaching party has several remedies available. When the remedies are inconsistent with one another, the common law of contracts requires the party to choose which remedy to pursue |
| Waiver | the knowing relinquishment of a legal right |
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