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11 Cards in this Set

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  • Back
3 main damages:
Compensatory Damages, Consequential Damages, Incidental Damages
Compensatory Damages
1. Flow directly from the contract
2. Must be reasonably certain
Consequential Damages
1. Result from the unique circumstances of the contract in question
2. damages must be forseeable
Incidental Damages
"minor" out-of-pocket expenses
Specific performance
Court ordering the parties to perform the contract, only in cases involving sale of unique things (homes, land, etc.)
Injunction
Court orders you to stop doing what you're doing
Reformation
process in which a court will partially rewrite a contract
punitive
designed tnot to compensate the injured party but to punish the breaching party
nominal damages
a token sum given to a plaintiff who demonstrates a breach but no serious injury
liquidated damages
a clause stating in advance how much a party must pay if it breaches. (already known breach).
mitigation of damages
to keep damages as low as possible