Textbook Notes (369,067)
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LAW 122 (625)
Chapter 12

LAW122 Chapter 12:Contractual Remedies Textbook Notes.docx

3 Pages

Law and Business
Course Code
LAW 122
Theresa Miedema

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LAW122 Chapter 12 Contractual RemediesDamagesDamages An award of money that is intended to cure a wrongful event such as breach of contractRemedyPlaintiff is NOT entitled to the EXACT THING that they expected to get under the agreement theyre only entitled to the MONETARY VALUE of that thingExpectation DamagesMost COMMON remedyMeasures of reliefWays in which the courts can calculate the amount of money that the plaintiff is entitled toExpectation Damages Represents the monetary value of the benefit that the plaintiff expected to receive under the contractExpectation damages are FORWARDLOOKINGPlacing the plaintiff at a place that they would have been if the contract went through the way it planned toExpectation Damagesvalue of the benefit the plaintiff expected to receive under contractvalue of the cost that it expected to incurThis is calculated at THAT time the contract is created Both parties agree upon an approximate priceEx I agree to pay 75 for a bale of cotton that you agree to deliver in 2 months When the time comes you refuse to do so breach of contractoDamages now are depended upon the value of cotton on the agreed date of delivery Increased valueCottons value increased to 100 on the day of delivery If I already paid than you owe 100 Because you have my 75the additional 25 that the cotton value increased if I didnt pay yet than you owe me 25 Because I still have my 75 in my pocketSame ValueIf value of cotton is still 75 than none of us are at a loss or gain If I already paid than you owe me 75 If I didnt pay yet than you owe me nothingDecreased ValueCottons value decreased to 50 I may be entitled to some reliance damages but cant receive anything as expectation damagesExpectation damages should equal the difference between how much the plaintiff expected to haveend of contract and the amount ofthe plaintiff actually have after the breachSome issues that make the calculation difficult1 Difficulty of CalculationIf difficult to calculate court will do the best they canBut if the plaintiffs loss is ENTIRELY speculative a court will not award damages2 Cost of Cure or Loss of ValueSometimes its hard to determine what the plaintiff expected to receive from defendant Ex did the plaintiff expect to receive a service or the value of the end product o
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