MGT 201 Lecture Notes - Lecture 10: Punitive Damages, Consequential Damages, Mineral Rights

• School: University of Dayton
• Department: Management
• Course: MGT 201
• Professor: Tim Wood

Document Summary

Contractual classiicaions: bilateral, most contracts are this ii. 2 mutual promises on either side: unilateral i. Ofer is a promise, acceptance by acion: dog returned for reward, express. Both sides have discussed, negoiated, and inalized terms of contract b. b. i. Unjust enrichment: neighbors, one does landscaping, contractor comes to the wrong house, the wrong house have to pay ii. Court requires either sides to perform the agreed upon acion: unenforceable i. One of the 5 elements is not present. No further acion taken by court: voidable i. ii. One party can get out of the contract. The party who has been taken advantage of. Breaching v nonbreaching paries: remedies i. ii. iii. Damages: no puniive damages, compensatory damages a. Put plainif where they wouldve been had the contract been successfully completed: consequenial damages a. b. Widgets- money from jacob"s looring because twood would have got the discount, had i inished the job.