CLUSTER 2: PRIVATE LAW - Contract law 3: remedies
20 important questions on CLUSTER 2: PRIVATE LAW - Contract law 3: remedies
What is the goal of remedies?
What is the procedure of default?
When does default without notice occur?
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What are the steps of invoking a remedy?
2. Default
3. Attributable (no force majeure)
4. Determine cause and differentiate between obligation of means (do your best) and obligations of result.
5. Remedy
What are the primary remedies for the different law systems?
civil law: specific performance (but in practice mostly damages)
What happens with injunction of specific performance? What happend in common law?
common: reluctance to award specific performance, only allowed in limited circumstances where damages are no adequate remedy.
What does award of damages entail?
What are the requirements to get an award of damages?
common law: causality requirement where the damage must be foreseeable meaning it was a direct loss, not a consequential loss.
What is the limitations of remote damages in common law?
There are several kinds of damages distinguished according to jurisdictions. What are kinds of damages that may be covered?
2. Property damage: harm to physical property
3. Pure economic loss: profit, time, stock, database or data files
What is the most important restriction on remedies?
How can remedies be restricted?
2. Liquidated damages clauses
What is the limitation of remedies clause?
What is the liquidated damages clause?
How can remedies on pure economic loss be enforeces since this is not recoverable (especially in the US)
What are the different awards of damages and what are their first harms?
property damage: harm to tangible object
pure economic loss: other kinds of harm f..e. Deleting databases.
What does termination for a contract mean?
What are 3 termination situations?
2. Termination for cause (on a ground that justifies terminating the contract such as death or insolvency)
3. Terminatin at will (a party is free to terminate without having to provide a reason)
What may be thhe conditions and requirements for termination?
- termination may give the other party right for damages or compensation
How shoul conditions for terminations be formulated?
- notive period
- damages/compensation
- by notive or by court
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