Mbe Contract Law: Remedies Flashcards Latest Exam Questions And Accurate Answers Verified 100%

MBE Contract Law: Remedies Flashcards latest exam questions and accurate answers verified 100% Learn all about contract remedies and damages, including: - Expectation damages - Consequential damages - Duty to Mitigate - Reformation - Rescission - Release - Specific performance - UCC Remedies Q1 What are the 3 types of compensatory damages? A 1. Expectation damages 2. Reliance damages 3. Restitution 2 Q Defineexpectation damages A Entitle the nonbreaching party to the amount that will put them in the position they would have been in if the contract had been fully performed 3 Q What is the formula for calculating expectation damages? A (Loss of value to nonbreaching party + incidental and consequential damages) - (payments/benefits received + any costs saved as a result of the breach) 4 Q Can expectation damages be speculative? A No, must be calculated with reasonable certainty5 Q Can a court award damages for lost profits? A Lost profits, especially with start-ups and new companies, are usually hard to prove and courts will be very hesitant to award damages (reliance damages can be sought instead). However, courts CAN award damages for lost profits, and they are more likely to do so if the aggrieved party