This exercise is designed as an introduction for beginning Property students to the basic concepts involved in a traditional contract used in a standard real estate transaction.
1L - First Year Topics
This is the second lesson of two designed to introduce the beginning student to the basic concepts involved in a contract for the purchase and sale of real estate.
This lesson is no longer available. Other lessons cover the material.
When the court awards money damages for breach of contract, it generally measures the damages by what is called the expectation measure or the expectancy. Referring to Hawkins v. McGee, this lesson explains how those damages are calculated. It presents basic measurement problems, rules and definitions, and then asks students questions based on hypothetical scenario designed to test their understanding of the concept in practice. Awarding a monetary compensation for pain and suffering is also discussed. The lesson concludes with a series of review questions.
This lesson deals with the doctrine of Mitigation of Damages, and examines Rockingham County v. Luten Bridge Co. The basic issues about mitigation are illustrated in a hypothetical scenario followed by a number of questions. Prior understanding of Expectation Measure of Damages is necessary to complete your study. The lesson ends with several summary questions.
The lesson takes a look at measuring expectation damages in a sale of goods contract governed by the UCC provisions. The author explains that even though the expectation/mitigation rule is not applicable to the sale of goods contracts, the UCC gives us the same results as common law. The concepts of incidental and consequential damages, as well as expenses saved, are also explained. The lesson ends with review questions on the subject.
In this lesson you will learn how to calculate damages when the Buyer does not deliver goods or repudiates the contract. First, the author reminds you about the concept of common law mitigation/expectation rule and then contrasts the results with the UCC provisions in this matter. Next, the differences between UCC § 2-713 and § 2-712 are explained. The lesson concludes with several review questions.
This lesson is part of a series of lessons that examines contract remedies. It discusses a breach by the buyer. The author deals with problems of measuring damages when the seller does resell the goods (UCC § 2-706), as well as when the goods are not resold (UCC § 2-708(1)). Prior understanding of common law expectation rule is required to work this lesson. The lesson ends with several review questions on this subject.
This lesson is part of a series that examines contract remedies. It covers the situation when the Buyer caused the breach and the UCC § 2-706 and § 2-708(1) are not the right measure of the seller's damages. You should run it after you have run the Contract Tutorials on Remedies - UCC Damage Rules. At the end of the lesson, you will find a number of review questions to help you better understand the subject.
For better understanding, you should run this lesson after you complete the lesson Contract Tutorials on Remedies - UCC Damage Rules for Buyers. In certain situations, the UCC gives the court the power to award "profit plus reasonable overhead." This lesson will help you understand the terms "profit" and "overhead." Moreover, the author explains the difference between fixed and variable overhead and discusses the concept of lost profits. The lesson ends with several review questions.
This lesson is part of a series that deal with contracts remedies. While proving the damages, a plaintiff has to prove damages with "reasonable certainty." This lesson explores that principle. The author discusses main concepts that explain the term "reasonable certainty" (the "new business rule", "traditional rule" and "current rule"). Examples of liberalization of the proof requirements for damages in the UCC and in the area of "psychic losses" are also covered.
Reliance damages put the non-breaching party back in the same position the party was in before the contract was made. In this lesson, you will explore the distinction between reliance and expectation damages. Both concepts are illustrated by case law. Then, the author explains how the courts apply reliance and expectation rules when awarding damages. The lesson ends with review questions on this subject.