Remedies:
(Specific
performance, Money damages, Rescission, Liquidated damages.)
Specific
Performance: Real estate is unique. Can be awarded to a buyer against
a defaulting seller. Can be awarded to a seller against a defaulting buyer.
Problem.sometimes the facts indicaste a practical impossibility of performaing
the contract, as where the land has been conveyed to another.
Money
damages: Difference between contract price and market value at the time
and place of default.
Rescission:
Restoring the status before the contract may involve reimbursing expenses
incurred in reliance on the contract.
(Election
of remedies: File Suit for all three in the alternative, then elect which
remedy just before the matter is given to a jury.)
Liquidated
Damages: Enforceable
provided it doesn't result in a penalty. If included in a contract, it is
an exclusive remedy. Actual damages must be difficult or impossible to calculate,
yet the liquidated damages must be a reasonable "forecast" of what
damages would be. Frequently, a down payment will be kept as liquidated damages.
