MGMT 3320 Lecture Notes - Music Hall, Fundamental Breach, Punitive Damages

• School: University of Guelph
• Department: Management
• Course: MGMT 3320
• Professor: Joseph Radocchia

Document Summary

Assignment - when one party transfers a contractual right to someone else. Contract is entered between creditor and debtor. Assignee gives debtor notice, debtor is obligated to pay assignee. Taylor rented a music hall from caldwell for 4 days for a series of concerts. Music hall was destroyed prior to the concerts in a fire. Taylor sued for his expenses related to advertising and other preparations. Court found that the contract was frustrated, taylor"s action failed. Actionable, because each party is entitled to a continuous expectation that the other will perform during the entire period of the contract. Damages - or monetary compensation - are awarded. Expectation damages - damages which provide the plaintiff with the monetary equivalent of contractual performance. Punitive damages - awarded to punish the defendant. Non-pecuniary damages - for loss of enjoyment, mental distress, emotional consequences.