ACTG 355 Chapter 18

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20 Terms

1

Compensatory Damages

Contract damages placing the injured party in a position as good as the one he would have held had the other party performed; equals loss of value minus loss avoided by injured party plus incidental damages plus consequential damages.

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2

Loss of Value

Value of promised performance minus value of actual performance.

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3

Cost Avoided

Loss or costs the injured party avoids by not having to perform.

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4

Incidental Damages

Damages arising directly out of a breach of contract.

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5

Consequential Damages

Damages not arising directly out of a breach but arising as a foreseeable result of the breach.

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6

Nominal Damages

A small sum awarded where a contract has been breached but the loss is negligible or unproved.

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7

Reliance Damages

Contract damages placing the injured party in as good a position as she would have been in had the contract not been made.

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8

Benefit-of-the-Bargain Damages

Difference between the value of the fraudulent party's performance as represented and the value the defrauded party received.

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9

Out-of-Pocket Damages

Difference between the value given and the value received.

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10

Punitive Damages

Are generally not recoverable for breach of contract.

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11

Liquidated Damages

Reasonable damages agreed to in advance by the parties to a contract.

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12

Foreseeability of Damages

Potential loss that the party now in default had reason to know of when the contract was made.

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13

Certainty of Damages

Damages are not recoverable beyond an amount that can be established with reasonable certainty.

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14

Mitigation of Damages

Injured party may not recover damages for loss he could have avoided by reasonable efforts.

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15

Specific Performance

Court decree ordering breaching party to render promised performance.

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16

Injunction

Court order prohibiting a party from doing a specific act.

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17

Reformation

Court order correcting a written contract to conform with the original intent of the contracting parties.

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18

Restitution

Restoration of the injured party to the position she was in before the contract was made.

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19

Election of Remedies

If remedies are not inconsistent, a party injured by a breach of contract may seek more than one.

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20

Loss of Power of Avoidance

A party with the power to avoid a contract may lose that power by affirming the contract, delaying unreasonably in exercising the power of avoidance, or being subordinated to the intervening rights of third parties.

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