Business Law II Professor Pamela Gershuny

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Presentation transcript:

Business Law II Professor Pamela Gershuny Fall 2000 Business Law II Professor Pamela Gershuny

BUSINESS LAW II Damages

Remedy: Compensatory Damages BUSINESS LAW II Damages Remedy: Compensatory Damages Availability A party sustains and proves an injury arising directly from the loss of the bargain. Result The injured party is compensated for the loss of the bargain.

BUSINESS LAW II Damages

Remedy: Consequential Damages BUSINESS LAW II Damages Remedy: Consequential Damages Availability Special circumstances, of which the breaching party is aware of, should be aware, cause the injured party additional loss. Result The injured party is given the entire benefit of the bargain.

BUSINESS LAW II Damages

Remedy: Punitive Damages BUSINESS LAW II Damages Remedy: Punitive Damages Availability Damages are normally available only when a tort is also involved. Result The wrongdoer is punished, and others are deterred from committing similar acts.

BUSINESS LAW II Damages

Remedy: Nominal Damages BUSINESS LAW II Damages Remedy: Nominal Damages Availability There is no financial loss. Result Wrongdoing is established without actual damages being suffered. The plaintiff is awarded a nominal amount (such as $1) in damages.

BUSINESS LAW II Damages

Remedy: Liquidated Damages BUSINESS LAW II Damages Remedy: Liquidated Damages Availability A contract provides a specific amount to be paid as damages in the event that the contract is later breached. Result The non-breaching party is paid the amount stipulated in the contract for the breach, unless the amount is construed as a penalty.

End of Damages