Courts are reluctant to impose a contract clause that eliminates a party’s right to seek redress through the court system. Limiting Damages Through Agreement These arrangements are not looked on as favorably by the courts as are liquidated damages clauses. Liquidated Damages A liquidated damages clause is one in which the parties set out in advance what constitutes a breach and how the damages for this breach will be assessed. Consequential Damages Consequential damages are different from compensatory damages in that the final award amount contains not only the amount that would have been obtained under the contract, but also losses tied to a particular contract breach.
Nominal Damages Nominal damages refer to an award of a small or token amount to a plaintiff. Legal doctrines Courts use principles to guide them in their decisions in particular cases. Rescission Rescission is an action that cancels or voids the contract and places the parties back in the positions they were in prior to the creation of the contract. Reformation When a party requests reformation, what the party is actually requesting is that the contract itself be changed to reflect the true intention of the parties.
Specific performance Specific performance is a court order that requires a party to do that which he has already agreed to do in the contract. The plaintiff asks the court to order an injunction, which uses the court's power to stop the defendant carrying out a specific action. Injunction When a party seeks an injunction, the party files an action with the court stating that the defendant's actions will result in serious and irreparable damage to the plaintiff.
System: Legal and Equitable Jurisdiction Together In the United States, a plaintiff is entitled to request that the court use both forms of jurisdiction in a single case.
0 kommentar(er)
