This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
Cook Illinois Limitation of Remedies, Election of Remedies, and the Cumulative Remedies Provision
Category:
State:
Multi-State
County:
Cook
Control #:
US-ND0902
Format:
Word;
PDF
Instant download
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How to fill out Limitation Of Remedies, Election Of Remedies, And The Cumulative Remedies Provision?
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FAQ
There are two broad types of remedies in Tort Law. Judicial Remedies. Extra-Judicial Remedies.
Equitable remedies, which may include: Injunction. Accounting for profits. Constructive trust. Equitable lien. Subrogation. Specific performance. Reformation/rectification. Equitable rescission.
A remedy is a form of court enforcement of a legal right resulting from a successful civil lawsuit.
Types of Remedies for Breach of Contract Compensatory Damages. An award of compensatory damages is the most common of the legal remedies for breach of contract.Specific Performance.Injunction.Rescission.Liquidated Damages.Nominal Damages.
The Remedies Cumulative clause provides that the parties are entitled to pursue any and all remedies that may be available under the facts of the dispute, even though some of those remedies may be inconsistent with each other.
A remedy in equity is when the court orders someone do something. This can also be called "injunctive relief." In breach of contract cases, this can look like any of the following: Cancellation: The court cancels the contract and decides that the parties are no longer bound by it.
There are three types of equitable remedies: specific performance, injunction, and restitution.
Understand that there are various rules that limit recovery for the nonbreaching party in a contract case. Know how these concepts serve to limit contract remedies: foreseeability, mitigation of damages, certainty of damages, loss of power of avoidance, election of remedies, and agreement of the parties.
In many agreements, you may find a clause labeled limitation of remedy. This clause is largely similar to a limitation of liability clause in that it controls how much responsibility a company has under a contract. Often, however, the limitation of remedy clauses limits the types of remedies you can pursue.
Under UCC Article 2-719, parties to a sales contract are free to modify, alter, substitute or limit a buyer's remedies, including the limitation or exclusion of consequential damages. But there are exceptions. The exceptions are what courts have struggled with.
