Mistakes from homework & remedies again Brought to you by The Passionate Shepherd

Chapter 152 Indmnity, indemnify, indemnification An agreement by one person (X) to pay to another (Y) sums that are owed, or may become owed, to him by a third person (Z). It is not conditional on the third person defaulting on the payment, i.e. Y can sue X without first demanding payment from Z. Unlike a guarantee, an indemnity need not be evidenced in writing.

Chapter 153 SHELL OR SHELF COMPANY non-trading, used as a vehicle for various company manoeuvres or kept dormant for future use in some other capacity. X trade, X directors, Registrar of Companies, off-the-shelf c., offshore jurisdictions, M&A, agent, aged co, 1000$

Chapter 154 Beneficial owner vs nominee shareholder BO: the true owner, even though a custodian bank/broker holds title, NS: holds shares on behalf of the actual owner, a custodial agreement.

Chapter 155 PHRASES & COLLOCATIONS Continue as a _________ concern An e _________ contract: severable/divisible contract Doctrine of substantial performnace: e_________ its liabilities If $ is paid the rules of legal t _________ will apply.(500 pennies) As always it depends on the _________ facts of the case.

Chapter 156 PHRASES & COLLOCATIONS _________ expenses, _________ a benefit, rep_________ her/his liabilities _________ the contract, Time is of the _________, seek _________, The court will _________ remedies, a right to dam_________, seek _________/re_________, fixed or as_________ sum, sue on a Quantum M_________ (as much as it is worth) (for work already completed before the breach)

Chapter 157 _________ BY NONPERFORMANCE Conditions: Conditions may result in nonperformance which justifies discharge. Condition is act/event that limits or qualifies a promise. Condition must occur before promissor has a duty to perform or refrain from performing.

Chapter 158 TYPES OF REMEDIES Legal Remedies (money damages): damages resulting from a court’s exercise of its power “at law.” – Compensatory Damages. – Consequential Damages. – Punitive Damages. – Nominal Damages. – Liquidated Damages. – Mitigation of Damages.

Chapter 159 TYPES OF REMEDIES ________ Remedies: remedies arising from a court’s use of its powers of equity. ________ and Restitution. – Specific Performance. – Quasi Contract. – Reformation. I________.

Chapter 1510 DAMAGES Most common legal remedy ________ by injured party. Courts ask, when ________ damages whether breaching party, as a reasonable person, should have ________ the injuries that would result from breach.

Chapter 1511 DAMAGES C________ Damages. – Sums of money which will place the injured party in the same economic position that would have been attained had the contract been performed. C________ Damages. – Indirect or special damages arising from the effects of the breach itself.

Chapter 1512 DAMAGES Duty to ________. – To measure damages the courts place on the injured party the duty to minimize these damages. ________ Damages. Imposed not to compensate the injured party but to punish the wrongdoer so as to ________ future conduct.

Chapter 1513 DAMAGES ________ Damages. When parties agree in advance to a certain sum of money that will be paid to the injured party ________ breach of contract ________. ________ Damages. – Small amount of compensation for the breach.

Chapter 1514 EQUITABLE REMEDIES Plaintiff’s eligibility to receive fairness depends on the absence of ________ faith on the plaintiff’s part and similar factors. Court’s power to ________ equitable remedies is ________.

Chapter 1515 EQUITABLE REMEDIES Rescission and Restitution. Voluntary agreement to ________, or set aside the contract before ________ performance. Can result from a material breach in which case a res________ of parties to the status quo is sought. – Restitution, or the return of goods, money, or property involved in the contract or recovery of a reasonable value of the services rendered is equitable.

Chapter 1516 EQUITABLE REMEDIES Specific Performance. – When restitution is inadequate or unjust. Court c________ the breaching party to perform according to the exact terms of the contract. Quasi Contract. Creation of contract for the parties to prevent the ________ enrichment of one party. One party knowingly has received a benefit to which party is not e________.

Chapter 1517 EQUITABLE REMEDIES Reformation. Rewriting a contract in order to remove a mistake and to make the agreement con________ to the terms to which the parties originally agreed. ________. A court order directing a person to do or ________ from doing some specified act.

Chapter 1518 W________ OF BREACH Contracting party may agree to accept less than complete performance by w________ a breach of contract that is committed by another party. It eliminates the breach.