Contract Law - Things to really memorize

BLAW 1000

Expectation Interest

Court orders other party to compensate other party financially 

Restitution Interest

Returning the benefits they received at the other party’s expense than compensating loss —> to make sure the other party doesn’t get any other benefits

Reliance Interest

For lost profits from the person (ex. someone moving jobs who has not gained monetary benefits)

Compensatory Damages 

Money awarded to compensate for damages or other losses 

Consequential Damages

Money awarded for indirect impact caused by damage to business

Liquidated Damages

State in a contract for what happens if a party breaches the contract

Rescission

everyone gets what they got from contract (this is for an equitable remedy)

Equitable Remedies

in case of unique or rare items that cannot be compensated

Specific Performance

Breaching party fulfills contract obligatigations rather than paying money

Injunction 

court telling party to stop doing something or to do something mandatorily