CONTRACT LAW - PART II - REMEDIES

His suit seeks compensatory and punitive damages against the prison officials. The company fought to avoid paying punitive damages in connection with the oil tanker spill. The Equal Pay Act does not allow punitive damages. The jury could also impose punitive damages. They may be able to get punitive damages from employers. They won $145 million in punitive damages.

damages designed to discourage future misconduct by the breaching party by punishing it for committing a civil wrong

Councillor Farmer said the delay would cost the local authority up to £6,000 a week, although £4,500 of this will be redeemable through liquidated damages. If the contract is breached, BQE will be able to claim liquidated damages. Uccello Immobilien, GMBH ('Defendant'), seeks to reverse a liquidated damages award ordered pursuant to a settlement agreement with Edward Resnick. The contractor brought proceedings to enforce the award, which was met by a counterclaim for liquidated damages. A Philad

compensation that is agreed to in a contract and that will be paid to the non-breaching party in the event of a breach

This action arose out of Defendants' anticipatory breach of an agreement to lease commercial space. The university also pled an "anticipatory breach of contract" count. The acts of the other party amounted to an anticipatory breach of the contract. Its obligation to pay Eng was extinguished by an alleged anticipatory breach of the contract.

when one party to a contract tells the other side, before the date by which the contract must be performed, that the contract will not be performed.

High fences are deterring many would-be criminals from entering the property. Don't be deterred by the difficulties involved in going to court. The financial crisis has deterred investment in new projects.

to prevent or discourage someone from doing something, especially by making it difficult for them or by threatening bad consequences if they do it

We hope that his jail sentence will serve as a deterrent to others.

something that discourages or is intended to discourage someone from doing something

1. to try civil claims or issues pleaded in the same case separately 2. to end a joint tenancy (=a type of co-tenancy where if one of the joint tenants dies his or her share goes to the surviving joint tenant(s)) 3. to split a legal document (especially a contract or a statute) into different parts in order to deal with its provisions separately 4. to end a connection with someone or something, especially because of a disagreement 6. to try criminal offences or defendants separately to avoid any

They are seeking to be reimbursed for litigation costs. We'll reimburse you for the damage. The politician agreed to reimburse the taxpayers. The winning party was entitled to be reimbursed.

to pay back an amount of money that someone has lost or spent, especially when it was lost or spent because of you of because of something for which you are responsible

Reimbursement derives from an Old French word meaning to put back into a purse.

the paying back of an amount of money that someone has lost or spent, especially when it was lost or spent because of you of because of something for which you are responsible

The Board of Directors resolved to disburse dividends to the shareholders. Disburse and disperse are easily confused because of their similar pronunciation. Disburse is used to refer to the distribution of money or other assets. Disperse refers to the distribution, scattering or spreading of other things, often people or diseases.

to pay out funds

There has been no disbursement of profits to date. The money will be put into disbursement accounts. The Board approved the final disbursement of loans. The disbursement of funds begins upon execution.

money paid out or spent; an amount of money given for a particular purpose

(FORMAL) immediately

The ships are to be procured by the Government in 2010. We will procure certain tax advantages if we sell the shares now. The company is short of money and needs to procure funding from investors (=those who provide money). The Seller shall procure that the documents are delivered on Completion. The contractor contacted a number of subcontractors to procure bids (=offers) for the work involved in the construction project.

to get something, especially after some care or effort 2. to persuade or cause someone or something to do something

You can deduct losses on your tax return. Purchasers are entitled to deduct the full amount. You may fully deduct interest paid on these loans.

to subtract or take away

Borrowers with no past financial difficulties normally get a lower interest rate. The banks have all lowered their interest rates for loans to house owners. If a party fails to make payment on the due date and interest rate of 4% will be charged on the outstanding amount. The company tried to renegotiate the interest rate of its loan with the bank.

percentage of principal paid by borrower to lender as a price for the use of the lender's money

A proportion of the loan is repayable before maturity. The government is to issue bonds with one year to maturity. The loan's maturity date is set out in the loan agreement.

moment in time when a loan becomes due

The court found that the plaintiff (=person bringing claim) had failed to mitigate the loss. The costs of mitigating the impact of the earthquake were borne by insurers. The jury had to take into account any mitigating circumstances, such as the defendant's previous good character. The company was required to take reasonable measures to mitigate the risks involved in the investments.

to reduce the harmful, unpleasant or bad effects of something

hey put up the house as collateral. The stocks were pledged as collateral. The collateral serves as protection for the loan. A secured party is able to seize collateral. She raised a loan using her artwork and properties as collateral.

assets (=something valuable) that you promise to give someone if you cannot pay back money that you owe them

Good borrowers tend to pledge more collateral (=borrower's property which will become lender's property if money not paid back). Certain assets were pledged under the debenture (=agreement under which security granted). The Debtor has agreed to pledge to the Secured Party the property known as Dunroamin as collateral. The borrower had no right to sell the pledged assets.

1. to deposit property as security for a loan of money 2. to make a solemn (=very serious) promise

The court saw no reason to construe the contract otherwise than directly. Nothing in this section shall be construed as preventing the use of a trade mark. If we are to be bound by the laws of England, those laws ought surely to be correctly construed. The term 'Change in Control' is to be construed accordingly. His actions should not be construed as evidence (=proof) of insanity.

to construe actions or statements is to interpret these actions or statements in order to give them meaning

A lawyer should examine all relevant documents to ascertain whether a lien exists. They failed to properly ascertain the basis of his authority. They referred the document to legal counsel to ascertain the impact of the amendment. Our role as judges is to ascertain the intent of the Legislature. He searched the county records to ascertain the identity of the lender. The court looked to the language of the agreement to ascertain the rights of the parties.

to find something out for certain; to make sure

1. Having no useful result. 2. Trifling and frivolous;

The court held that he was guilty of the crime. hold a power of attorney

1. to decide or rule on a case during a court trial or similar legal proceedings 2. have possession of property, right, office or position

The plaintiff requested that judgment be reversed. The appellate court decision reversed the judgment of the lower court. The case was reversed and remanded. The Panel reversed the ruling of the district court. The decision was reversed on appeal.

1. to say officially that a judgment, sentence, or decree etc made by a lower court or authority no longer has effect 2. to change to an opposite position, process or way of doing something

'Case dismissed!' The suit was dismissed for lack of jurisdiction. Plaintiff filed a motion to dismiss. The court dismissed the claim without prejudice. The appeal was dismissed.

to refuse any further hearing of a case

Churchill was quick to repudiate the Munich agreement, but we still remember it with shame. The Mayor called upon politicians, elected leaders and other public officials to repudiate negative or prejudicial portrayals of Muslims. The client could not repudiate the contract in part by continuing the relationship but discontinuing employment. This was an improper effort to amend or repudiate the plea agreement. They did not repudiate the loan.

1. to say or show formally that something is not correct 2. to refuse to accept, or to no longer accept, a duty or an obligation

The insurer is under a duty to indemnify. The employer was indemnified against its legal liability to its employees for injuries suffered. Assignor agrees to indemnify and hold harmless Assignee for any claims arising from this agreement. The contractor was obliged to indemnify the buyer under the agreement. The company undertook to indemnify and hold harmless the supplier against claims made against it by third parties. We are indemnified under the house insurance.

to promise to compensate someone for loss suffered where they are liable to (=responsible to) another person (in order to restore them to the financial position they were in before the loss happened) 2. to protect against damage or loss by paying a certain amount of money to cover the costs, e.g. in the context of insurance

The sale of shares contravenes the shareholders' agreement. This does not contravene the law. This section shall not contravene the earlier provisions. This principle has been contravened by the Board. This contravened the provisions of the Companies Act.

to break a law, rule or agreement etc

His creditors pursued him through the courts.

to chase, follow or take legal action against someone or something etc in order to catch them, attack them or to get a legal remedy etc