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Lecture

Chapter 13 ReadingNotes.doc

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Department
Business
Course
BU231
Professor
Daniel J Fife
Semester
Spring

Description
1READING NOTESCHAPTER 15 Remedies for BreachApart from treating contracts as discharged aggrieved parties may seek other remedies to compensate for harm caused by breach of contract typically damages However other remedies are available when damage is insufficient Types of RemediesDamagesEquitable Remedies oSpecific Performance Injunction RescissionQuantum MeruitDamages PreMidtermThese are the primary remedy in contractNote There are different calculations for damages in contract than for tort as well as limitations on when you need to sue byThe purpose of an award of damagesoAims to place injured party in same position as if contract had been completedoIntended only to compensate injured party for loss caused by failure to perform not to punish liable partyoSimple fact is that liability acts as an economic deterrentoAdditional intangible costs of a decision to break a contract include the risk of ruining good relations or damaging your reputationMitigation of DamagesoParties that have suffered a loss as a result of breach are expected to do what they can to mitigate the extent of the lossoAn aggrieved party can only recover losses resulting from the breach that they could not avoid by acting reasonablyEg Employee suing for wrongful dismissal should show that they made every reasonable effort to find alternative employmentPrerequisites for an Award of DamagesoTo qualify for recovery damages arising from breach must flow naturally from the breachoLosses resulting from breach must be within foreseeable limits of what parties would have expected as a likely consequence of failure to performEg If a carrier is not informed of the vital nature of a delivery to a production company then they are not responsible for damages if the company must suspend operationsoShould be considered from vantage of when contract is signed not when contract is breached
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