Class Notes (837,996)
Canada (510,621)
Business (3,287)
BU231 (319)

Chapter 13 ReadingNotes.doc

4 Pages
Unlock Document

Daniel J Fife

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
More Less

Related notes for BU231

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.