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Law for Business and Personal Use © South-Western Publishing G O A L S Remedies for Breach of Contract Distinguish between minor and major breach Describe when the remedies of rescission and specific performance are available Define four types of damages and tell when they will be awarded by courts LESSON 14-1
Law for Business and Personal Use © South-Western Publishing TYPES OF BREACH AND REMEDIES How does minor breach affect the victims duties? How does major breach affect the victims duties? What are rescission and restitution?
Law for Business and Personal Use © South-Western Publishing TYPES OF MONEY DAMAGES Compensatory Consequential Liquidated Punitive Nominal
Law for Business and Personal Use © South-Western Publishing SPECIFIC PERFORMANCE Money damages inadequate Subject matter unique Ability to supervise Clean hands
Law for Business and Personal Use © South-Western Publishing G O A L S Denial of Remedies for Breach of Contract Describe the election of remedies Describe the requirement to mitigate damages Explain how the statute of limitations and bankruptcy affect remedies for breach of contract LESSON 14-2
Law for Business and Personal Use © South-Western Publishing HOW CAN ELECTION OF ONE REMEDY BAR USE OF ANOTHER REMEDY? An injured party must elect, or choose, a remedy when suing. Specific performance and damages cannot be recovered for the same breach because specific performance is not available when damages are an adequate remedy.
Law for Business and Personal Use © South-Western Publishing HOW CAN FAILURE TO MITIGATE DAMAGES ELIMINATE REMEDIES? The injured party must usually take reasonable steps to mitigate damages.
Law for Business and Personal Use © South-Western Publishing HOW CAN WAIVER ELIMINATE REMEDIES? Sometimes a party intentionally and explicitly gives up a contractual right. This is called a waiver.
Law for Business and Personal Use © South-Western Publishing HOW CAN THE STATUTE OF LIMITATIONS ELIMINATE REMEDIES? Statutes in all states deny any remedy if suit is not commenced within a certain time after a legal claim arises. Four years is a common time for the statute of limitations for contracts. Three years is a common time for the statute of limitations for torts.
Law for Business and Personal Use © South-Western Publishing HOW CAN BANKRUPTCY ELIMINATE REMEDIES? Bankruptcy is a legal proceeding whereby a debtors assets are distributed among his or her creditors to discharge debts.
Law for Business and Personal Use © South-Western Publishing REMEDIES FOR BREACH OF CONTRACT ConsequentialCompensatoryLiquidatedPunitiveNominal Rescission and Restitution Damages Specific Performance InjunctionWaiver Breach of Contract
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