6 Written questions
6 Multiple choice questions
- ● Money the innocent party expected to receive and keep if contract was fully performed
● If performance isn't 100%, then these damages can't be greater than if performed completely and received damages
- Requiring the guilty party to perform contract
- Allowing the innocent party to cancel the contract and (try to) return to pre contract position
- ● Compensatory
- If breach of contract, what can I do about it?
- ● Damages
● Specific Performance
● Unilateral Rescission
5 True/False questions
Damages → If breach of contract, what can I do about it?
Liquidated Damages → ● Previously agreed damage amount
● In lieu of consequential damages, and maybe compensatory and expectancy above
● Why? - because people are risk averse
Unilateral Rescission → ● Innocent Party should be placed IF POSSIBLE in exactly the same position as if guilty party had performed contract
● "Benefit of the Bargain"
Positive Specific Performance → ● Require guilty party to perform contract because no other remedy can put innocent party in same position
● For personal services, can only use if government-safety-related
● Professional sports - can't make them perform
Specific Performance → ● Make the guilty party perform the contract
● When money damages are inadequate because subject matter in unique (land, jewelry, racehorses)
● Positive & Negative