Remedies For Breach Of Contract pp #3.

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Remedies For Breach Of Contract :

Remedies For Breach Of Contract The remedies outlined in the CISG

Remedies available to the buyer and the seller include :

Remedies available to the buyer and the seller include Avoidance cancellation of the contract The right to remedy or cure The setting of an additional time, or extension, for performance Price reduction Money damages Specific performance

The right to remedy depends on whether or not the failure of performance amounted to a fundamental breach.:

The right to remedy depends on whether or not the failure of performance amounted to a fundamental breach. Fundamental Breach – as a breach of contract committed by one of the parties that “ result in such detriment to the other party as substantially to deprive him of what is entitled to expect under the contract, unless the party in breach did not foresee and a reasonable person of the same kind in the same circumstances would not have foreseen such a result.”

A buyer may also be in fundamental breach of contract. :

A buyer may also be in fundamental breach of contract. This usually results from the buyers refusal or inability to live up to its two primary responsibilities- to take delivery and pay for the goods.

Buyers right to Avoidance :

Buyers right to Avoidance When a party fails to perform, the contract does not automatically end. Must be declared to be at an end, or “avoided” by one of the parties These rights are especially important to a buyer in an international transaction because of the hardships associated with goods in a foreign market

Sellers right to avoidance :

Sellers right to avoidance A buyer may avoid a contract if a buyer fails to either take delivery or pay the purchase price or commits a fundamental breach . The seller may also bring legal action for damages (article 64)

Price Reduction :

Price Reduction buyer can reduce the price or adjust the price in order to offset the reduced value of the nonconforming goods. If the goods have already been paid for then the buyer may ask the seller return a part of the portion paid

Compensatory damages, consequential damages, liquidated damges.:

Compensatory damages, consequential damages, liquidated damges . If the seller fails to deliver or delivers nonconforming or worthless goods, and the buyer has been able to purchase substitute goods, the buyer may claim damages if the substitute goods cost more than the contract price. Special or indirect damages arising as a “reasonably foreseeable” consequence of the breach. Are monetary awards set forth and agreed to by the parties within the express terms of a breeched agreement.

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