Contract Provisions Limiting Remedies

The video tutorial discusses provisions in contracts that limit remedies available in case of a breach. It explains compensatory and consequential damages, providing examples to illustrate these concepts. The tutorial also covers equitable remedies and the importance of foreseeability in claiming damages. It highlights how parties can limit liability through provisions like mediation, arbitration, and litigation, and discusses monetary caps and legal provisions such as liquidated damages and attorneys fees. Finally, it explains cure provisions and injunctive relief as methods to enforce or limit contract remedies.

What type of damages are intended to cover the loss of the benefit of the bargain in a contract breach?

• Punitive damages

• Compensatory damages

• Liquidated damages

• Nominal damages

Which of the following is an example of an equitable remedy?

• Consequential damages

• Specific performance

• Liquidated damages

• Compensatory damages

What is the purpose of including mediation or arbitration provisions in a contract?

• To make the contract non-binding

• To ensure punitive damages are awarded

• To limit the types of damages claimable

• To increase the potential liability

What is a liquidated damage clause intended to do?

• Ensure punitive damages are awarded

• Cap the monetary damages available

• Increase the amount of compensatory damages

• Exclude all types of damages

What does a 'cure first' provision require?

• Automatic termination of the contract

• Opportunity to remedy the breach before seeking remedies

• Mandatory arbitration

• Immediate litigation upon breach

In what scenario might injunctive relief be sought?

• To recover monetary damages

• To compel a party to perform or stop performing an action

• To terminate a contract

• To modify the terms of a contract

Which of the following is NOT a method to limit liability in a contract?

• Excluding attorney fees from recoverable amounts

• Capping monetary damages

• Allowing unlimited consequential damages

• Including a liquidated damage clause