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10 Cards in this Set
- Front
- Back
- 3rd side (hint)
Specific Performance: only if monetary damages are inadequate to compensate the injury
Real Property: SP generally available bc it's considered unique. Sale of Goods (Art. 2): SP available only if goods are unique or "other proper circumstances" (eg., inability to buy substitute goods in market) |
Service Contracts: SP not available; injunctive relief may be available (ex: enjoin employees from working for competition)
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Unpaid seller's right to reclaim goods (Article 2)
Unpaid seller has no right under Article 2 in goods it has delivered to buyer (may have rights under federal bankruptcy law); no rights to reclaim from a third party |
Exception: Buyer insolvent when it received the goods AND seller makes a demand within 10 days after buyer received
Exception: Seller can reclaim goods at any time if buyer misrepresented its insolvency to seller in writing w/in 3 months before delivery |
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Entrustment of Goods (Article 2)
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Owner who entrusts goods to merchant who deals in goods of the kind ("dealer") has no rights against a bona fide purchaser (BFP) of goods
*On bar, same facts: owner takes jewelry or car to be repaired by a merchant who also sells that particular kind of good |
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Right to Request Assurance in a Sale of Goods (Article 2)
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A party with reasonable grounds for insecurity may request in writing adequate assurance that other party will perform in accord with K
BUT insecure party can't use provision to rewrite K or demand a particular "kind" of assurance |
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Punitive Damages
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Unavailable. Purpose of contract damages is to compensate.
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Liquidated Damages
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Upheld if damages difficult to estimate in advance and liquidated damages are a reasonable forecast of probable damages.
Liquidated damages cannot operate as a penalty. * per diem basis- likely upheld because increase w/length of delay, reasonable forecast |
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GENERAL RULE: Expectation Damages** put injured party in as good a position as full performance
Sale of Goods Damages (Art. 2) --> Buyer's Damages: 1) Cover damages (cover price- contract price if buyer covers in good faith) 2) Market Damages (market price - contract price if buyer doesn't cover in good faith or doesn't cover at all) 3) Loss in Value (value as promised - value delivered if buyer keeps non-conforming goods) |
--> Seller's Damages
1) Resale damages (K price - resale price if reseller resells in good faith) 2) Market damages (K price - market price if seller does not resell in good faith or does not resell at all) 3) Lost profit (lost profit, IF seller is a lost volume dealer ***) - damages are that dealer has lost profit it would've made on initial sale 4) Contract price (if seller cannot resell) |
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Incidental Damages
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Cost of transporting/caring for goods after breach and costs associated with arranging a substitute transaction
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** Consequential damages
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Damages special to this P and reasonably foreseeable by breaching party at the time of K
**NOT available to a seller under Article 2 |
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Avoidable Damages
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Injured party can't recover damages he could have mitigated w/reasonable effort
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