MGSC30H3 Lecture Notes - Lecture 12: Expectation Damages, Specific Performance, Liquidated Damages
Document Summary
Damages: award of money that is intended to cure a wrongful event, such as a breach of contract. * expectation damages: represent monetary value of benefit that plaintiff expected to receive under the contract. Mitigation: occurs when palintiff takes steps to minimize the losses flowing from defendant"s breach. Reliance damages: represents monetary value of expenses and opportunties that plaintiff wasted under a contract (give me what i lost, whereas expectation dmaages = give me what i expected to get) Nominal damages: symbolize fact that plaintiff suffered a wrong when the defendant broke a promise. Liquidated damages: represent genuine attempt to estimate the value of loss that may occur as a result of breach. * penalty: requires party to pay an exorbitant amount if they breach the contract. Punitive damages: intended to punish defendant and discourage other people from behaving badly. Specific performance: occurs when court orders defendant to fulfill a contractual obligation to do something.
