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

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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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