Remedies for Breach of Contract (Leaving Cert Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
What innocent party seeks when contract breached
What innocent party seeks when contract breached
Legal remedy
Two aims of contract breach remedies
Two aims of contract breach remedies
Enforce contract or compensate for loss
Number of main breach of contract remedies
Number of main breach of contract remedies
Three
Three main remedies for breach of contract
Three main remedies for breach of contract
Damages, Specific Performance, Rescission
Most common remedy for breach of contract
Most common remedy for breach of contract
Damages
What damages are in contract law
What damages are in contract law
Financial compensation for loss from breach
Goal of damages award
Goal of damages award
Place party in position as if contract carried out
What specific performance means
What specific performance means
Court orders party to carry out exact obligations
When specific performance is used
When specific performance is used
When compensation not enough/unique item involved
What rescission means
What rescission means
Contract set aside, parties returned to original positions