Issue link: https://read.dmtmag.com/i/730311
LEGAL LANE recover any fi nancial harm they had due to the breach. Remedies for a breach are such things as damages, specifi c perfor- mance or cancellation and restitution. There are several types of damages. Damages are usually a payment of some form paid by the breaching party. Some examples of damages are compensatory damages that puts the non-breaching party back into the position they were in as if there were no breach. Punitive damages are payments the breaching party must make that are in excess of the compensatory damages and are designed as punishment for the breach. Liquidated damages are specifi c dam- ages that were written into the contract just in case either party was unable to complete their part of the contract. Liquidated damages should be a reason- able estimate of the actual damages if one party breaches. Specifi c performance is used when monetary damages are insuffi cient to replace the loss due to a breach. Specifi c performance is often used in home sales, art sales or anything where the item is unique or rare and money will not put the non-breaching party in as good a position as if the breach did not occur. An example is if you and I are in a contract for a rare painting by Picasso, and I have built a museum to display it in. If you decide not to sell the painting to me, I can go to court and have the judge order you to honor our contract and sell me the Picasso for the price in the contract be- cause I built the museum based on your 52 October 2016 BestDriverJOBS www.bestdriverjobs.com T I C K E T S NO MEMBERSHIP FEES NO MONTHLY DUES MOVING AND NON-MOVING 844-784-6384 INTERSTATE TRUCKER LTD. © www.interstatetrucker.com Follow us on