This office lease clause is an onerous approach to a default remedies clause. This clause is similar to those found in many New York City landlord office lease forms.
Clark Nevada Onerous Approach to Default Remedy Clause
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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.
A remedy is a form of court enforcement of a legal right resulting from a successful civil lawsuit.
Examples of legal remedies (or damages) include compensatory, consequential, and punitive. Examples of equitable remedies include injunctions, constructive trust, subrogation, and equitable lien.
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.
There are three types of equitable remedies: specific performance, injunction, and restitution. Specific Performance. Specific performance is a judicial order to the promisor that he undertake the performance to which he obligated himself in a contract.Injunction.Restitution.
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.
There are three types of equitable remedies: specific performance, injunction, and restitution.
Constraints on Exclusion/ Limitation of Liability Many jurisdictions have express provisions at law limiting the extent to which a party to a contract can limit its liability for death, injury and damage to property. These provisions are seen as protecting the general public, in particular.
A remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief. A remedies clause can also be used to limit the relief the parties can obtain upon breach of the contract.
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