BLAW 3201 Chapter : Chapter 18 Outline For Students
Document Summary
Contract remedies: interests protected by contract remedies. Contract remedies are available to protect one or more of the following interests of the injured party: (1) the expectation interest; (2) the reliance interest; or (3) the restitution interest: monetary damages. Designed to place the injured party in the position in which he would have been had the contract breach not occurred (expectation interest). In general compensatory damages are measured by taking the difference between the value of the promised performance of the breaching party and the value of the actual performance rendered by the breaching party. The value of the promised performance minus the value of the actual performance equals the loss of value. Incidental and consequential damages are added to the loss of value, while expenses saved by nonperformance are subtracted. Loss of value value of the promised performance minus the value of the actual performance.
