BUS-294 Lecture Notes - Lecture 9: Anticipatory Repudiation, Equitable Remedy, Punitive Damages
23 Sep 2020
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Document Summary
Breach of contract and remedies: the law forces on material (the big things) breach of contract. Material breach of contract (non-performance of a contractual duty) Anticipatory repudiation: when one party of the contract indicates that they are not going to perform prior to time for performance. Can be revoked before other party treats it as a breach. Other party is relieved of obligation to perform. Statute of limitations: even though someone has breached the contract, you must apply during a certain part of time, if not done in a certain period time than you cannot sue. Begins running when injured party knows or should have known about breach. Compensatory damages: injured party gets compensated for what they actually lost from breach of contract. Must show damages which can be quantified with reasonable certainty. Include incidental damages (expenses that are caused directly by the breach of contract) Consequential damages (lost profits): what she lost based on reasonable foreseeability.
