Macro economics and legal aspects of business
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This document discusses breach of contract and the types of damages that may be awarded. It explains that a breach occurs when a party fails to meet their contractual obligations. The harmed party can sue for damages. Courts typically aim to compensate the harmed party monetarily and return them to the position they would have been in had the contract been fulfilled, rather than punish the breaching party. Damages normally fall into three categories: expectation damages to make the harmed party whole financially, reliance damages if they incurred costs relying on the promise, and restitution damages to recover any benefits conferred on the breaching party.
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Key Concept 9: Understand the differences between compensatory and punitive damages1
A. Torts
1. Compensatory and Punitive Damages
Tort law involves civil liability between private parties. A plaintiff who wins a
tort suit usually recovers the actual damages or compensatory damages that she suffered
because of the tort. Depending on the facts of the case, these damages may be for direct
and immediate harms, such as physical injuries, medical expenses, and lost pay and
benefits, or for harms as intangible as loss of privacy, injury to reputation, and emotional
distress.
In cases where the defendant’s behavior is particularly bad, injured victims may
also be able to recover punitive damages. Punitive damages are not intended to
compensate tort victims for their losses. Instead, they are designed to punish flagrant
wrongdoers and to deter them and others from engaging in similar conduct in the future.
Theoretically, therefore, punitive damages are reserved for the worst kinds of
wrongdoing. Punitive damages have always been controversial, but they have grown
more so in recent years due to the size of some punitive damage awards and the
perception that juries are awarding them in situations where they are not justified.
2. Negligence Defenses
The common law traditionally recognized two defenses to negligence:
contributory negligence and assumption of risk. In many states, however, one or both of
these traditional defenses has been superseded by new defenses called comparative
negligence and comparative fault.
Contributory negligence is the plaintiff’s failure to exercise reasonable care for
her own safety. Where it still applies, contributory negligence is a complete defense for
the defendant if it is a substantial factor in producing the plaintiff’s injury. Traditionally,
even a minor failure to exercise reasonable care for one’s own safety, only a slight
departure from the standard of reasonable self-protectiveness, gave the defendant a
complete contributory negligence defense. For example, the rule may prevent slightly
negligent plaintiffs from recovering any compensation for their losses, while only
marginally more careful plaintiffs get a full recovery.
In response to [complaints of its harsh impact on most plaintiffs], most of the
states have adopted comparative negligence systems either by statute or by judicial
decision. The details of these systems vary, but the principle underlying them is
essentially the same: Courts seek to determine the relative negligence of the parties and
award damages in proportion to the degree of negligence determined. The formula is:
1 Excerpts taken from Jane P. Mallor, et al., Business Law and the Regulatory Environment (11th ed. 2001).
2
Plaintiffs recovery = Defendant’s percentage share of the negligence causing the injury
multiplied by Plaintiff’s provable damages. ...
Breach of contract
The document discusses various remedies available for breach of contract, including:
1) Rescission of the contract, allowing the non-breaching party to treat the contract as void and be absolved of obligations.
2) Damages, providing monetary compensation to put the injured party in the position they would have been in had the contract been performed.
3) Quantum meruit, allowing recovery based on implied promise to pay for work performed when a contract is discharged before completion.
4) Specific performance, a court order directing a breaching party to fulfill their contractual obligations.
5) Injunction, a court order restraining a party from breaching a negative obligation in a contract.
RemediesA valid agreement has been made, the promisor’s duties h.docx
Remedies
A valid agreement has been made, the promisor’s duties have not been discharged; he or she has breached the contract. When one party has failed to perform, what are the rights of the parties? Or when the contract has been avoided because of incapacity or misrepresentation and the like, what are the rights of the parties after disaffirmance? These questions form the focus of this chapter.
A. Theory of Contract Remedies
Purpose of Remedies
The fundamental purpose of remedies in noncriminal cases is not to punish the breaching party but—if possible—to put the nonbreaching party in the position he or she would have been in had there been no breach. There are two general categories of remedies—legal and equitable. In the category of legal remedies are damages. Damages are money paid by one party to another; there are several types of damages.
In the category of equitable remedies are these three: specific performance, which means a person is ordered to deliver a unique thing (land or a unique personal property, such as a painting or an antique car); injunction, a judicial order directing a person to stop doing what he or she should not do (such as competing with a former employer in violation of a noncompete agreement); and restitution, which means putting the parties back into the position they were in before the contract was made.
Parties Have the Power—but Not the Right—to Breach
In view of the importance given to the intention of the parties in forming and interpreting contracts, it may seem surprising that the remedy for every breach is not a judicial order that the obligor carry out his or her undertakings. A damage remedy to compensate the maker for out-of-pocket loss or lost profits is sensible; a judicial decree forcing the computer manufacturer to pay for and take delivery of the boards would be wasteful. In general and if possible, the fundamental purpose of contract remedies is to put the nonbreaching party in the position it would have been in had there been no breach.
B. Promisee’s Interests Protected by Contract
Contract remedies serve to protect three different interests: an expectation interest, a reliance interest, and a restitution interest. A promisee will have one of these and may have two or all three. An expectation interest is the benefit for which the promisee bargained, and the remedy is to put him in a position as good as that which he would have been in had the contract been performed. A reliance interest is the loss suffered by relying on the contract and taking actions consistent with the expectation that the other party will abide by it; the remedy is reimbursement that restores the promisee to his position before the contract was made. A restitution interest is that which restores to the promisee any benefit he conferred on the promisor.
C. Legal Remedies: Damages
The promisee, whom we will hereafter refer to as the nonbreaching party, has the right to damages (a money award), if that is required to make h ...
breach of contract.pdf
This document discusses remedies for breach of contract. It outlines the different types of breaches that can occur, including anticipatory breach and actual breach. It then describes the main remedies available in lawsuits for breach of contract, including suits for rescission, damages, quantum meruit, specific performance, and injunction. Suits for rescission allow cancellation of the contract, while suits for damages provide monetary compensation for losses. Suits for quantum meruit compensate for work already performed. Suits for specific performance and injunction can require a breaching party to fulfill their obligations or prevent future actions, respectively.
Remedies for breach of contract
REMEDIES FOR BREACH OF CONTRACT , tYPES OF BREACH OF CONTRACT Ramanaujan college , university of delhi,
Presentation1
This document discusses remedies for breach of contract. It outlines the different types of breaches, including anticipatory breach which occurs when a party demonstrates their intention to break the contract before it is due, and actual breach which occurs either on the due date of performance or during the course of performance.
The key remedies for breach of contract discussed are suit for rescission which cancels the contract, suit for damages which provides monetary compensation, suit for quantum meruit which compensates for work already performed, suit for specific performance which demands the defaulting party fulfill the contract terms, and suit for injunction which prohibits a party from taking a particular action. Examples are provided to illustrate each type of remedy.
1656046.ppt
There are several remedies available for a breach of contract, including rescission of the contract, suits for damages, and specific performance. Damages awarded can include ordinary damages to compensate for natural and direct losses, special damages for unusual losses contemplated by the parties, and in rare cases exemplary damages to punish particularly egregious breaches. Other remedies are suits on quantum meruit if a contract is only partially performed, injunctions to prevent future breaches, and restitution to return benefits received under a void contract.
1656046.ppt
There are several remedies available for a breach of contract, including rescission of the contract, suits for damages, and specific performance. Damages awarded for breach of contract aim to compensate the injured party for losses directly resulting from the breach, and can include ordinary, special, nominal, or exemplary damages depending on the circumstances. The injured party may also sue for specific performance to enforce the contract, seek an injunction preventing further breach, or pursue restitution of benefits received under a void contract.
file_1665832722_GU0314111615_BreachofContract (1).pptx
This document discusses remedies for breach of contract. It defines breach of contract as the failure to perform contractual obligations. There are several remedies for breach, including rescission of the contract, suits for damages, quantum meruit, specific performance, and injunction. Suits for damages award monetary compensation to put the injured party in the position they would have been in had the contract been performed. Specific performance orders the breaching party to fulfill their contractual obligations. Injunction restrains a party from breaching a negative contractual term.
Contract act 1972
The document discusses the key aspects of contract law in India including the definition of a contract, essential elements of a valid contract, types of contracts, remedies for breach of contract, discharge of contracts, indemnity agreements, guarantees, partnership law, negotiable instruments, sale of goods act, and company law. It provides definitions, explanations, and examples related to these various legal topics under Indian contract and commercial law.
Business laws
Breach of contract occurs when one party fails to meet their obligations under a contract. There are three main types of breach: anticipatory breach, where a party signals they will not perform before the deadline; actual breach, where a party fails to perform by the deadline or makes performance impossible; and partial breach, where a non-material part of the contract is breached. When a breach occurs, the innocent party is entitled to damages to put them in the position they would have been in if the contract was fulfilled. Remedies for the innocent party include getting the breaching party to reconsider, contacting consumer forums, or suing for damages or specific performance.
Breachofcontractanditsremedies indiancontractact-160930100504
This document discusses various remedies available for an injured party when there is a breach of contract by the other party. These include rescission of contract, claim for specific performance, injunction, quantum merit, and damages. It provides examples and explanations of each type of remedy. Damages can include ordinary damages, special damages, exemplary/vindictive damages, and nominal damages. Factors affecting specific performance and types of damages are also outlined.
Breach of contract and its remedies indian contract act
This document discusses various remedies available for an injured party when there is a breach of contract by the other party. These include rescission of contract, claim for specific performance, injunction, quantum merit, and damages. It provides examples and explanations of each type of remedy. Damages can include ordinary damages, special damages, exemplary/vindictive damages, and nominal damages. Factors affecting specific performance and types of damages are also outlined.
Indian Contract Act 1872.pdf
The document summarizes key aspects of Indian contract law, including definitions of a contract, essential elements of a valid contract, consent and its types, indemnity and guarantee contracts, discharge of a contract, remedies for breach of contract, and agency relationships. It provides case studies on offer and acceptance, mental incapacity, and types of discharge. In 3 sentences: The document outlines the fundamental principles of contract law in India, examines essential elements of a valid contract and how contracts are formed, and explores various types of contracts including indemnity, guarantee, and agency as well as discharge of contracts and remedies for breach.
Breach of contract
The document discusses breach of contract, including actual and anticipatory breach. It defines key terms like defaulting party and aggrieved party. In case of breach, the aggrieved party has several options for recourse under law, including cancelling the contract, claiming damages in compensation for losses, seeking specific performance of the contract, or obtaining an injunction [against the defaulting party]. Damages aim to financially remedy the aggrieved party and may include ordinary damages for expected losses as well as special, exemplary, or liquidated damages depending on the circumstances of the breach.
Ch11
This document provides an overview of legal and equitable remedies for breaches of contract. It defines compensatory, punitive, consequential, and liquidated damages as legal remedies. It also discusses injunctions, specific performance, rescission, restitution, and reformation as equitable remedies, as well as quasi-contractual remedies and the effect of waivers.
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2010 11 pgp1-lab_written report_section b_group 13_18_nov2010
2010 11 pgp1-lab_written report_section b_group 13_18_nov2010
1Key Concept 9 Understand the differences between compe.docx
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RemediesA valid agreement has been made, the promisor’s duties h.docx
RemediesA valid agreement has been made, the promisor’s duties h.docx
file_1665832722_GU0314111615_BreachofContract (1).pptx
file_1665832722_GU0314111615_BreachofContract (1).pptx
Breachofcontractanditsremedies indiancontractact-160930100504
Breachofcontractanditsremedies indiancontractact-160930100504
Breach of contract and its remedies indian contract act
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Macro economics and legal aspects of business
- 1. MACRO ECONOMICS AND LEGAL ASPECTS OF BUSINESS KUNTAL PAL PGDM 2016-18 ITM BANGALORE
- 2. BREACH OF CONTRACT When a party fails to live up to its obligations under the contract, he is said to have breached the agreement or to be in breach of contract. Failing to perform under the terms and conditions of a contract constitutes a breach of contract. The party harmed by this breach may sue to recover damages. Courts generally refer to some basic principles in determining what sort of damages a party may recover. The exact type of damages granted by a court depends on the situation.
- 3. BREACH OF CONTRACT CONTD…… First, courts prefer that damages be monetary rather than to order specific performance, or force a party to go through with its contractual obligations. Second, judicial relief is intended to compensate the promise, putting the party back in the position he would have been if the breach had not occurred and the contract had been fulfilled. In addition, contract law is primarily intended to provide relief to the party harmed by the breach, not to punish the breaching party. Thus, punitive damages, or damages intended to deter certain types of behavior through additional monetary penalties, are not usually recoverable in a contract dispute. Sometimes, a party can prove a breach of contract, but cannot prove damages with any reasonable degree of certainty.
- 4. BREACH OF CONTRACT CONTD….. Contract damages normally fall within three basic categories: Expectation damages. A party can recover expectation damages if he is worse off by reason of the breach than he would have been if the contract had been performed. Expectation damages are designed to place the promise in the position he would have been in if the promise had been performed. For example, Party A contracts to sell 100 kgs of coffee beans to Party B for ₹200. Party B has a buyer who will pay him ₹300. Party A breaches. The measure of Party B’s expectation damages is ₹100, or the ₹300 Party B would have received in sale minus the ₹200 he would have paid for the goods. Reliance damages. A party may recover reliance damages if the breach of contract has left him worse off than he would have been if the promise had never been made—for example, where a party has relied on a promise and suffered reasonably foreseeable expenses as a result of the promise. Restitution damages. Where a party has conferred a benefit on the breaching promisor, he may recover the reasonable value of the benefit provided. Returning to our coffee merchants, suppose that Party B paid Party A ₹100 up front. This advance payment would be recoverable as restitution damages.