Law 206 Ch. 11 - Remedies

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Law 206 Ch. 11 - Remedies

  1. 1. 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
  2. 2. 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
  3. 3. Four Types of Damages Compensatory damages Punitive damages Consequential damages Liquidated damages
  4. 4. Equitable RemediesEquitable remedies are designed to prevent unfairness and unjust enrichment. These are largely nonmonetary awards.
  5. 5. Categories of EquitableRemedies Injunctions Specific performance Rescission and restitution Reformation Quasi-contractual
  6. 6. 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

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