DOC PREVIEW
GSU BUSA 2106 - Contracts Performace, Breach and Remedies
Type Lecture Note
Pages 2

This preview shows page 1 out of 2 pages.

Save
View full document
View full document
Premium Document
Do you want full access? Go Premium and unlock all 2 pages.
Access to all documents
Download any document
Ad free experience
Premium Document
Do you want full access? Go Premium and unlock all 2 pages.
Access to all documents
Download any document
Ad free experience

Unformatted text preview:

BUSA2106 Lecture 14Outline of Last Lecture I. Definition of a contractII. Contract formation III. Contract breach Outline of Current Lecture I. Contract PerformanceII. Contract breach III. RemediesCurrent Lecture • Is the contract unconscionable? What do you think? • Should courts void contracts on grounds of unconscionability? Do contracts have to be in writing? STATUTE OF FRAUDS: A state statute under which certain types of contracts must be in writing to be enforceable• Statute of Frauds requires writing for: 1. Contracts for land 2. Contracts that cannot be performed a year and a day after the date the contract is formed3. Secondary contracts, e.g. pay another person’s debt 4. Prenuptial agreements 5. Contracts for the sale of goods for $500 or more • Writing must contain all material terms. BREACH OF CONTRACT: The failure, without legal excuse, of a promisor to perform the obligations of a contract. Breach of contract Legal remedies 1. Compensatory damages: direct losses and costs2. Consequential damages: indirect and foreseeable losses 3. Punitive damages: punishment/ deterrence (rare; usually fraud) 4. Nominal: recognize wrongdoing when no monetary loss 5. Liquidated damages: contract for the amount of damages Duty to mitigate MITIGATION OF DAMAGES: A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant. • Injured party has a duty to minimize (mitigate) his or her damages  Breach of contract • Equitable remedies: RESCISSION: is the process by which a contract is canceled or terminated and the parties are returned to the positions they occupied prior to forming it.RESTITUTION: An equitable remedy under which a person is restored to his or her original position prior to loss or injury, or placed in the position he or she would have been in had the breach not occurred.SPECIFIC PERFORMANCE: An equitable remedy requiring exactly the performance that was specified in a contract; usually granted only when money damages would be an inadequate remedy and the subject matter of the contract is unique (for example, real property).• Will not be granted unless legal remedies (damages) are inadequate. REFORMATION: is an equitable remedy used when the parties have imperfectly expressed their agreement in writing. Reformation enables a court to modify, or rewrite, the contract to reflect the parties’ true intentions. (changes the


View Full Document

GSU BUSA 2106 - Contracts Performace, Breach and Remedies

Type: Lecture Note
Pages: 2
Documents in this Course
Load more
Download Contracts Performace, Breach and Remedies
Our administrator received your request to download this document. We will send you the file to your email shortly.
Loading Unlocking...
Login

Join to view Contracts Performace, Breach and Remedies and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Contracts Performace, Breach and Remedies 2 2 and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?