Larry wanted to buy a 1957 Cadillac once owned by Reggie Jackson. ...

[jake]

Larry wanted to buy a 1957 Cadillac once owned by Reggie Jackson. Larry entered into a contract with the owner agreeing to pay 102,000. The owner subsequently changed his mind. If Larry sues, what remedies are potentially available?

Question 2

Identify and describe the four principal contract interests a court may seek to protect.

[SeanoH09]

Answer to Question 1

Larry could seek specific performance. Since the item is unique and a similar vehicle is not readily obtainable, the court could order the owner to sell the car to Larry by ordering specific performance.
Although specific performance would be available, Larry could choose to seek compensatory damages, assuming he could establish an amount with reasonable certainty.

Answer to Question 2

The four principal contract interests a court may seek to protect are:


a. Expectation interest. The intent is to put the injured party in the position he would have been in if both parties had fully performed their obligations. Expectation damages include compensatory, consequential, and incidental damages.
b. Reliance interest. The intent is to put the plaintiff in the position he would have been in if the parties had never entered into a contract.
c. Restitution interest. The objective is to return to the injured party a benefit that he has conferred on the other party which it would be unjust to leave with that person.
d. Equitable interest. When money damages are insufficient to help the injured party, an equitable remedy, such as specific performance or an injunction, may be ordered.

[jake]

Correct answers!

[SeanoH09]

Great! Please up vote