Describe the remedies available for breach of contract When signing a contract not only are you agreeing to the terms of this contract you are agreeing to the consequences if breach the contract. There are many remedies available if one of the party’s breaches the contract and if the party who breached the contract doesn’t agree to the consequences then the matter will be taken to court. A breach of contract can be defined as a party failing to perform‚ precisely and exactly‚ his obligations under
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M-W 3:30-5:00 Assessment No. 3 Types of Remedies: Compensatory - A money award equivalent to the actual value of injuries or damages sustained by the aggrieved party. When a contract has been breached‚ the court orders the party that breached to pay the amount of direct losses done to innocent party. Consequential - Special damges that compensate for a loss that is not direct or immediate (for example‚ lost profits0. The special damages must have been reasonably foreseeable
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Contract Remedies BA265 Business Law II Terrance L. Williams Grantham University December 8‚ 2012 Contract Remedies In our case of National Drilling Company filing suit against Overland Transport‚ Inc. asking compensatory‚ consequential‚ and punitive damages‚ the recovery of National will be based on Quasi Contract. As one reads through the scenario‚ he or she may ask themselves a few questions. What were the exact terms of the contract between National Drilling and Overland Transport
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Breach of Contract & Remedies 1 Breach of contract Nature of breach A breach of contract occurs where a party to a contract fails to perform‚ precisely and exactly‚ his obligations under the contract. This can take various forms for example‚ the failure to supply goods or perform a service as agreed. Breach of contract may be either actual or anticipatory. Actual breach occurs where one party refuses to form his side of the bargain on the due date or performs incompletely. For example: Poussard
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Chapter 18: Remedies for Breach of Contract Election to discharge: self-help remedy Types of Judicial Remedies • Common law remedy of damages • Common law remedy of an action for a fixed sum • Equitable remedy of specific performance • Equitable remedy of injunction Limitation Act • Judicial remedies may be barred by lapse of time due to LA • S 6 LA: no action against breach of contract after 6 years have passed (unless party unaware of breach) • LA does not apply to any legal action rooted
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Forms of breach of contract and the remedies that can be used. Table of contents: Introduction Contracts as a whole Forms of breach of contracts Remedies Introduction: As long as human kind can remember contracts has been in the existence. Goods were exchanged in order to survive. Therefore a contract can be described as an agreement between two (or more) people where one person offers to do something and another person accepts that offer. So when someone agrees to sell and
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Damages and Breach of Contract This paper aims to discuss and examine the case law‚ Wrotham Park Estate Co Ltd v Parkside Homes Ltd. and analyse the reasons why Brightman J in this case believe that there will be unjust if the nominal sum is awarded to the plaintiffs. The measure of damages (restitution interest/remedy(remedy Campbell‚restitution for breach of contract) and damages in lieu of injunction will also be explained. Furthermore‚ the relevant case laws will be included. Before considering
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“A common mistake‚ even on a most fundamental matter‚ does not make a contract void at law; but it makes it voidable in equity.” To what extent does this statement represent the law after Great Peace Shipping Ltd. V Tsavliris‚ The Great Peace (2002)? A mistake is an erroneous belief held by one or more contracting parties at the time of entering the contract‚ as to whether certain details pertaining to the contract were true. Mistakes can be classified in three categories; common‚ mutual‚ or
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There are many different types of option contract‚ whether in exercising ability or difference in values ‚ And two types will be discussing in this presentation. Firstly‚ the American style of option contract‚ gives you the flexibility in using it and doing the transaction at any point of time up to the expiration day. Secondly‚ the European style of option contract‚ allows the investor to use the option only during the expiration day. And what really important is that all the options gives the
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Unit 14 The different types of employment contracts Permanent – is a contract that has no defined termination date other than retirement at 65‚ permanent contracts are always more that a year Temporary is a contract that only last for a period of time (6months or less) this is normally done for a replacement of the staffs on maternity or sickness leave or on training. Part time is a contract that allows someone to work fewer hours than a full-time worker. There is no specific number of hours
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