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B Law Unit 2 Ch 14

TermDefinition
incidental damages Damages that compensate for expenses directly incurred because of a breach of contract, such as those incurred to obtain performance from another source.
consequential damages Foreseeable damages that result from a party’s breach of contract but are caused by special circumstances beyond the contract itself.
nominal damages A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
mitigation of damages The requirement that a plaintiff do whatever is reasonable to minimize the damages caused by the defendant.
liquidated damages An amount, stipulated in a contract, that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
penalty A contract clause that specifies a certain amount to be paid in the event of a default or breach of contract but is unenforceable because it is designed to punish the breaching party rather than to provide a reasonable estimate of damages.
restitution An equitable remedy under which a person is restored to his original position prior to loss or injury, or placed in the position he would have been in had the breach not occurred.
specific performance An equitable remedy in which a court orders the parties to perform as promised in the contract. Normally granted only when the legal remedy (monetary damages) is inadequate.
Created by: leighg2011