Contract Final Essay: Damages

studied byStudied by 0 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 9

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

10 Terms

1

I: Whether UCC or common law governs

R: UCC governs the sale of tangible, movable goods and common law governs everything else

New cards
2

I: What is the loss in value

R: Loss in value is the difference between what a party expected to receive and what they did receive

New cards
3

I: What is other loss

R: Other loss includes incidental and consequential damages:

  1. incidental damages include additional costs incurred after the breach in a reasonable attempt to avoid loss, even if the attempt was unsuccessful, and

  2. consequential damages include items like injury to property and person caused by breach and loss of profits on a collateral contract that are foreseeable or reasonably certain

New cards
4

I: What is the cost avoided?

R: Further expenditure saved, such as wages not paid

New cards
5

I: What the loss avoided?

R: Damages mitigated through reallocation or resources to other projects

New cards
6

I: Were the damages foreseeable? DEFENSE

R: Damages are foreseeable if they are

  1. contemplated at the time the contract is made with a focus on the breaching party;

  2. losses for which defendant had reason to know; and

  3. losses must be foreseeable as a probable result of the breach; does not extend to remote losses

New cards
7

I: Were the damages reasonably certain? DEFENSE

R: Damages must be reasonably certain in both nature and origin. Neither can be speculative.

  1. nature means it is reasonably quantifiable in a dollar amount, and

  2. origin means tat it is resulting from the breach

New cards
8

I: Did the employee satisfy the duty to mitigate? DEFENSE

R:

  1. damages are not recoverable for loss that the injured party could have avoided without undue risk, burden, or humiliation, AND

  2. the injured party is not precluded from recovery to the extent that he has made reasonable but unsuccesful efforts to avoid loss

New cards
9

I: What is the general measure of damages?

R: GM = loss in value + other loss - cost avoided - loss avoided

New cards
10

I: Was there proper agency?

R: PICK ONE

  1. actual authority: pricipal tells agent the agent can do the act in question

  2. apparent authority: principal has said or done something that leads a third party to tbelieve that the agent has the power to do the act in question

  3. Inherent authority: by virtue of the agent’s position, the agent has the power to do the act in question

  4. Ratification: approval of act in question by principal after the act occurs

New cards

Explore top notes

note Note
studied byStudied by 18 people
899 days ago
5.0(1)
note Note
studied byStudied by 32 people
794 days ago
5.0(1)
note Note
studied byStudied by 1 person
28 days ago
5.0(1)
note Note
studied byStudied by 103 people
856 days ago
5.0(1)
note Note
studied byStudied by 3 people
761 days ago
5.0(1)
note Note
studied byStudied by 10 people
693 days ago
4.5(2)
note Note
studied byStudied by 39 people
953 days ago
5.0(1)
note Note
studied byStudied by 11 people
776 days ago
5.0(1)

Explore top flashcards

flashcards Flashcard (33)
studied byStudied by 3 people
792 days ago
5.0(1)
flashcards Flashcard (62)
studied byStudied by 5 people
765 days ago
5.0(1)
flashcards Flashcard (82)
studied byStudied by 10 people
56 days ago
5.0(1)
flashcards Flashcard (40)
studied byStudied by 5 people
171 days ago
5.0(1)
flashcards Flashcard (20)
studied byStudied by 115 people
507 days ago
5.0(1)
flashcards Flashcard (25)
studied byStudied by 12 people
468 days ago
5.0(1)
flashcards Flashcard (25)
studied byStudied by 2 people
661 days ago
5.0(1)
flashcards Flashcard (38)
studied byStudied by 38 people
8 days ago
5.0(1)
robot