Types of Damages and Equitable Remedies for Breach of Contract

The video tutorial discusses the types of damages and equitable remedies available in cases of contract breaches. It covers compensatory damages, including expectation and consequential damages, as well as liquidated and nominal damages. The video also touches on the rare use of punitive damages in contract law. Additionally, it explains equitable remedies such as specific performance, rescission, and contract reformation, which aim to ensure fairness between parties.

What are expectation damages primarily concerned with?

• Punishing the breaching party

• Compensating for lost profits

• Ensuring fairness between parties

• Reforming the contract terms

When are liquidated damages typically agreed upon?

• During the negotiation of the contract

• Only if the damages are nominal

• After a breach has occurred

• When the court orders it

What is a key characteristic of nominal damages?

• They are always agreed upon in advance

• They are substantial in amount

• They are symbolic and minimal

• They are awarded to punish the breaching party

Under what circumstances might a court award punitive damages?

• When the breach is minor

• When the conduct is egregious and intentional

• When the damages are difficult to estimate

• When the parties agree to it

What is the purpose of specific performance as an equitable remedy?

• To ensure the delivery of unique goods

• To punish the breaching party

• To provide monetary compensation

• To reform the contract terms

What does rescission of a contract aim to achieve?

• To punish the breaching party

• To enforce the contract terms

• To award nominal damages

• To return parties to their pre-contract position

How does reformation of a contract help the parties involved?

• By awarding punitive damages

• By reflecting the true intent of the parties

• By punishing the breaching party

• By enforcing the original terms