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Reliance Damages (law)
Reliance damages is the measure of compensation given to a person who suffered an economic harm for acting in reliance on a party who failed to fulfill their obligation.. Scope Reliance damages are valued by a party's reliance interest for the foreseeable amount. They put the injured party in the same money position as if the contract had never been formed. Reliance interest is one of the three prongs of interest discussed by legal experts Lou Fuller and William Perdue in their 1936 article, "The Reliance Interest in Contract Damages." The other two interests are expectation interest and restitution interest. Application Under contract law, in a bilateral contract two or more parties owe obligations to each other. Each party acts in reliance that the other party will fulfill their respective obligation. If one party fails to respect their obligation, then the other party or parties may suffer an economic harm. Reliance damages compensate the harmed party/ies for the amount of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McRae V Commonwealth Disposals Commission
''McRae v Commonwealth Disposals Commission'',. is an Australian contract law case, relevant for English contract law, concerning the common mistake about the possibility of performing an agreement. Facts The Commonwealth Disposals Commission sold McRae a shipwreck of a tanker on the "Jourmand Reef", near Samarai supposedly containing oil. The McRae brothers went to Samarai and found no tanker, and that there was no such place as the Jourmand Reef. It later became clear that the Commission officer had made a 'reckless and irresponsible' mistake in thinking that they had a tanker to sell (the Court found that they had relied on mere gossip). The McRae brothers incurred considerable expense in fitting out a salvage operation. The McRae brothers commenced an action claiming damages against the Commission. First they claimed damages for breach of contract to sell a tanker at the location specified. Second, they claimed damages for fraudulent misrepresentation that there was a tank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expectation Interest
Expectation damages are damages recoverable from a breach of contract by the non-breaching party. An award of expectation damages protects the injured party's interest in realising the value of the expectancy that was created by the promise of the other party. Thus, the impact of the breach on the promisee is to be effectively "undone" with the award of expectation damages. The purpose of expectation damages is to put the non-breaching party in the position it would have occupied had the contract been fulfilled. Expectation damages can be contrasted to reliance damages and restitution damages, which are remedies that address other types of interests of parties involved in enforceable promises. The default for expectation damages are monetary damages which are subject to limitations or exceptions (see below) Expectation damages are measured by the diminution in value, coupled with consequential and incidental damages. History In Robinson v Harman, B Parke of the Ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Restitution Interest
Restitution and unjust enrichment is the field of law relating to gains-based recovery. In contrast with damages (the law of compensation), restitution is a claim or remedy requiring a defendant to give up benefits wrongfully obtained. Liability for restitution is primarily governed by the "principle of unjust enrichment": A person who has been unjustly enriched at the expense of another is required to make restitution. This principle derives from late Roman law, as stated in the Latin maxim attributed to Sextus Pomponius, ''Jure naturae aequum est neminem cum alterius detrimentum et injuria fieri locupletiorem'' ("By natural law it is just that no one should be enriched by another's loss or injury"). In civil law systems, it is also referred to as enrichment without cause or unjustified enrichment. In pre-modern English common law, restitutionary claims were often brought in an action for '' assumpsit'' and later in a claim for money had and received. The seminal case giving a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bilateral Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the minds b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specific Performance
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. It is typically available in the sale of land law, but otherwise is not generally available if damages are an appropriate alternative. Specific performance is almost never available for contracts of personal service, although performance may also be ensured through the threat of proceedings for contempt of court. Specific performance is commonly used in the form of injunctive relief concerning confidential information or real property. While specific performance can be in the form of any type of forced action, it is usually to complete a previously established transaction, thus being the most effective remedy in protecting the expectation interest of the innocent party to a contract. It is usually the opposite of a prohibitory injunction, but there are mandatory injunctions that have a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonwealth V Amann Aviation
A commonwealth is a traditional English term for a political community founded for the common good. Historically, it has been synonymous with "republic". The noun "commonwealth", meaning "public welfare, general good or advantage", dates from the 15th century. Originally a phrase (the common-wealth or the common wealth – echoed in the modern synonym "public wealth"), it comes from the old meaning of "wealth", which is "well-being", and is itself a loose translation of the Latin res publica (republic). The term literally meant "common well-being". In the 17th century, the definition of "commonwealth" expanded from its original sense of "public welfare" or "wikt:commonweal, commonweal" to mean "a state in which the supreme power is vested in the people; a republic or democracy, democratic state". The term evolved to become a title to a number of political entities. Three countries – Australia, the Bahamas, and Dominica – have the official title "Commonwealth", as do four U.S. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonwealth Law Reports
The Commonwealth Law Reports (CLR) () are the authorised reports of decisions of the High Court of Australia. The Commonwealth Law Reports are published by the Lawbook Company, a division of Thomson Reuters. James Merralls AM QC was the editor of the Reports from 1969 until his death in 2016. The current editors are Christopher Horan KC and Paul Vout KC. Each reported judgment includes a headnote written by an expert reporter (by convention, a practising barrister) which, as an authorised report, has been approved by the High Court. The current reporters are as follows: * Roshan Chaile * Ella Delany * Bora Kaplan * Rudi Kruse * James McComish * William Newland * Alistair Pound SC * Daniel Reynolds * Alexander Solomon-Bridge * Julia Wang * Michael Wells * Jillian Williams * Radhika Withana The headnotes include a summary of counsel's legal arguments. The Reports also include tables of cases reported, affirmed, reversed, overruled, applied or judicially commented on and cited ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Damages
At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognised at law, the loss must involve damage to property, or mental or physical injury; pure economic loss is rarely recognised for the award of damages. Compensatory damages are further categorized into special damages, which are economic losses such as loss of earnings, property damage and medical expenses, and general damages, which are non-economic damages such as pain and suffering and emotional distress. Rather than being compensatory, at common law damages may instead be nominal, contemptuous or exemplary. History Among the Saxons, a monetary value called a ''weregild'' was assigned to every human being and every piece of property in the Salic Code. If property was stolen or someone was injured or killed, the guilty person had to pay the wer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expectation Damages
Expectation damages are damages recoverable from a breach of contract by the non-breaching party. An award of expectation damages protects the injured party's interest in realising the value of the expectancy that was created by the promise of the other party. Thus, the impact of the breach on the promisee is to be effectively "undone" with the award of expectation damages. The purpose of expectation damages is to put the non-breaching party in the position it would have occupied had the contract been fulfilled. Expectation damages can be contrasted to reliance damages and restitution damages, which are remedies that address other types of interests of parties involved in enforceable promises. The default for expectation damages are monetary damages which are subject to limitations or exceptions (see below) Expectation damages are measured by the diminution in value, coupled with consequential and incidental damages. History In Robinson v Harman, B Parke of the Excheque ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Restitution
The law of restitution is the law of gains-based recovery, in which a court orders the defendant to ''give up'' their gains to the claimant. It should be contrasted with the law of compensation, the law of loss-based recovery, in which a court orders the defendant to ''pay'' the claimant for their loss. Evolving Meaning ''American Jurisprudence'' 2d edition notes: Legal vs Equitable Remedy Restitution may be either a legal remedy or an equitable remedy, "depend ngupon the basis for the plaintiff's claim and the nature of the underlying remedies sought". Generally, restitution and equitable tracing is an equitable remedy when the money or property wrongfully in the possession of defendant is traceable (i.e., can be tied to "particular funds or property"). In such a case, restitution comes in the form of a constructive trust or equitable lien. Where the particular property at issue cannot be particularly identified, restitution is a legal remedy. This occurs, for example ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
