BMGT 380 Study Guide - Final Guide: Liquidated Damages, Estoppel, Specific Performance

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 380
• Professor: Jennifer Gershberg

Document Summary

Compensatory make up for what you lost as result of breach. Liquidated damages states in contract that if you breach, this is how much you owe me: requirements: must be reasonable amt, must be hard to quantify exact damages. Punitive rare for contracts, moreso for fraud / bad faith dealing / to deter others from similar behavior. Specific performance rare, only if nothing else is appropriate: ex. Sell me your house even tho u breached. Stop pp from causing irreparable harm by protesting in front of my kids. Concurrent condition conditions/obligations exist at same time, dependent on each other. Condition precedent if x, i do y. Excuse of condition: waiver, estoppel, impossible, hinder efforts to meet condition. Express condition: time is of the essence. Can sue for damages, cancel contract, withhold performance if not met. If (cid:373)et, (cid:272)a(cid:374) sue fo(cid:396) (cid:374)o(cid:374)(cid:373)ate(cid:396)ial (cid:271)(cid:396)ea(cid:272)hes (cid:271)ut (cid:272)a(cid:374)"t (cid:272)a(cid:374)(cid:272)el/(cid:449)ithhold pa(cid:455)(cid:373)e(cid:374)t. Material breach if applicable standard is not met.