Breach of Contract

monetary damages: compensatory, punitive, nominal, liquidated, equitable remedies, injunction, specific performance

Remedies for a breached contract?

novation

duties of the contract remain the same but a new, third party assumes the duties of an original party, discharging the original party from further obligation

frustration of purpose

excuses party of performance if, before a breach, a state of things that was basis for forming the contract no longer exists, by no fault of either party

recission

mutually agree to end the contract

accord and satisfaction

parties wish to rescind agreement and substitute for a new one

commercial impractability

performance not objectively impossible but becomes extremely burdensome due to unforeseen circumstance occurring between time of agreement and performance performance of contract is unreasonably expensive, injurious -generally must deal with unforeseeable event

impossibility of performance

situation in which a party cannot legally/physically perform the contract (b/c of an unforeseeable event)

good faith

the duty to honestly adhere to the contract's honest purpose -both parties must try and make the deal work as written

breach of contract

when party to an agreement owes a duty to perform and fails to fulfill obligation -one side doesn't do what they were supposed to

anticipatory repudiation

you foresee you won't be able to fulfill the contract, if you know the other party can't fulfill their part, you can get someone else but you have to tell them so you don't breach the contract -non breaching party is entitled to recover damages in anticipation to the breach rather than waiting until performance is due