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Remedies for Breach of Contract: Major and Minor Breach, Damages, Specific Performance

This chapter discusses the remedies available for breach of contract, including major and minor breach, issue of fact decided by the judge, parties with rights under a contract, and the types of damages that can be sought. It also covers specific performance and the limitations and waivers associated with remedies.

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Remedies for Breach of Contract: Major and Minor Breach, Damages, Specific Performance

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  1. Chapter 14 • Remedies For Breach • Major Breach • Minor Breach Issue of Fact Decided By Judge

  2. Who Has Rights Under A Contract? • Contracting Parties • Beneficiaries • Incidental-No Rights • Third Party-Have Rights (Named)

  3. Remedies For Major Breach • Rescission and Restitution-Cancel and Return Everything • Money Damages-Compensate For Injury • Specific Performance-Court Order to Complete

  4. Types of Damages • Compensatory • Seeks to place injured parties in same position as would have been if no breach • Benefit of the Bargain

  5. Consequential Money Damages • Money for the foreseeable injuries caused by the breach • Especially if Defaulting Party has been told that breach will cause the injury • Granted for Major and Minor Breach

  6. Liquidated Damages • Agreed to in Advance • Enforceable Only if Reasonable • Not Used to Punish

  7. Punitive Damages • Added to other Damages • To Punish and Make an Example • Must have Intentional Tort

  8. Nominal Damages • No Actual Injury • To Prove a Point • In Recognition of rights that have been violated

  9. Specific Performance • When Money Damages are Not Adequate • Subject Matter is Unique • Sale of Real Property (Unique)-Location • Ability to Supervise-Not Personal Services or Employment • May Order Injunction to Keep from Competing • Clean Hands -Blameless

  10. Denial of Remedies • Specific Performance/Damages cannot be sought together • Rescission and Restitution/Damage cannot be sought together except with UCC Sale of Goods • Must Mitigate Damages

  11. Eliminating Remedies • Waiver-failure to act • Statute of Limitations • Four years for contracts • Three years for Torts • Most States allow more time to sue if written • Minors have reasonable time after majority • Bankruptcy

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