Damages Damages are normally an award of money. Goal: to put the parties into the position they would have occupied had the contract been performed. For example‚ I offer you a car for £100. You accept. I take back my offer and refuse to sell you the car. You buy a comparable car from someone else and must pay £150 for a comparable car. You may sue me and the court may award you £50 in damages. The court does so to put you back into the financial position you would have had if I had kept to our
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1. What general law or statutory remedies ( if any) should EY seek against Roberta? The remedies for breach a general law duty include an injunction‚ compensation or damages‚ an account of profits‚ rescission of a contract‚ and a constructive trust. Firstly‚ the company can seek an injunction‚ which is an order of the court requiring the director to stop doing something or to undertake a particular action‚ in this case‚ EY can terminate the contract. Secondly‚ in this case‚ even though EY has not
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Essential Elements of a Contract “A contract is an agreement that can be enforced in court. It is formed by two or more parties who agree to perform or to refrain from performing some act now or in the future.” (pg 208) Recently I was faced with a situation regarding a contract that was not in writing and I had to explain that as long as a verbal contract contains the four essential elements of a contract it is binding. We are so accustomed to seeing contracts in writing that many people assume
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Specific Performance MT311 Business Law Part I There are four situations we have to review in terms of specific performance and possible breach of contract. First we must understand the elements of specific performance then we can evaluate how they relate to each scenario. “In some situations‚ damages are an inadequate remedy for a breach of contract…equitable remedies include rescission and restitution‚ specific performance‚ and reformation” (Miller & Jentz‚ 2009). Specific performance
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Ed Law 111 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
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Prepare written responses to the following questions and case problems from the Clarkson‚ Miller & Cross textbook; 1. Question & Case Problem #1-9 parts a-e (p. 27) a) In the lawsuit in which Arthur Rabe is suing Xavier Sanchez for breaching a contract in which Sanchez promised to sell Rabe a Van Gogh painting for $3 million Arthur Rabe is the Plaintiff and Xavier Sanchez is the Defendant. b) If Rabe wants Sanchez to perform the contract as promised‚ the remedy Rabe would be seeking from court
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Question TWO What is a "Breach of Contract"? A business contract creates certain obligations that are to be fulfilled by the people or companies who entered into the agreement. In the eyes of the law‚ a party’s failure to fulfil an end of the bargain under a contract is known as a "breach" of the contract. Depending on the specifics of the contract‚ a breach can occur when a party fails to perform on time‚ does not perform in accordance with the terms of the agreement‚ or does not perform at all
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This case begins with the relationship between California and Hawaiian Sugar Company (C&H)‚ the purchaser‚ and Sun Ship‚ Inc.‚ the contractor for the design and delivery of a vessel to ship raw sugar for C&H from Hawaii to California. Sun Ship went into contract with C&H on November 14‚ 1979 and agreed upon the delivery of the vessel on June 30‚ 1981‚ one and three quarter years‚ for the agreed upon amount of $20‚405‚000 . According to Cheeseman (2013) a liquidated damages clause‚ defined as “damages
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In reading our textbook it reveals relevant facts that fraud invalidates a contract. “The existence of fraud disrupts the honesty of the unknowingly person’s permission/agreement to a contract. When a person unknowingly goes into a terms of a contract‚ the agreement normally can be avoided since he or she didn’t freely come to agreement with the terms. Normally‚ an unknowing person has a choice terminate the contract all together and return to their beginning place or proceed with the contract and
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Equity is still very relevant today- equitable rights‚ interests‚ and remedies remain important in law today. Equitable relief introduces injunctions in labor disputes‚ partitions of real property‚ specific performance of contracts‚ reformation of contracts‚ setting aside invalid wills‚ divorces and various other matters where the court orders something to be done other than entering a judgment for money damages. Concepts such as mortgages and Trusts are founded on the idea
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