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Law 206   Ch. 11 - Remedies
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Law 206 Ch. 11 - Remedies

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    Law 206   Ch. 11 - Remedies Law 206 Ch. 11 - Remedies Presentation Transcript

    • Chapter 11 REMEDIESIn this chapter you will: Distinguish between legal and equitable remedies Define compensatory damages Discuss when punitive damages may be sought Explain what is meant by consequential damages Distinguish between liquidated damages and limitation of damages Define injunction Understand when specific performance may be sought as a remedy Explain the effect of rescission and restitution on a contract List the quasi-contractual remedies Discuss the effect of waivers on a breach of contract
    • Legal RemediesLegal Remedies or damages are monetary awards granted to an injured party in a contractual dispute whenever money would be an appropriate method of rectifying the injury
    • Four Types of Damages Compensatory damages Punitive damages Consequential damages Liquidated damages
    • Equitable RemediesEquitable remedies are designed to prevent unfairness and unjust enrichment. These are largely nonmonetary awards.
    • Categories of EquitableRemedies Injunctions Specific performance Rescission and restitution Reformation Quasi-contractual
    • Quasi-Contractual RemediesThese are the only equitable remedies that involve a monetary award Quantum meruit: the value of the service rendered Quantum valebant: the value of the property received