In: Economics
Veronica breaches a contract to sell Will her house. What sort of legal redress will not be available to Will?
Expectancy damages.
Reliance damages.
Punitive damages.
Specific performance.
ANSWER) Punitive Damages is the legal redress which will not be available to Will.
REASON) Expectancy Damage or Expectation Damage is the type of legal redress where the non breaching party experience a loss of possible gain due to the breach of contract by the other party.
Reliance Damage is where the non breaching party suffers a loss due to breaking of promise or contract on which it relied for gains.
Specific Performance is that legal remedy which is taken up in case of real estate matters.
These three legal remedies can be sought by Will to get compensation for his damage as he suffered loss of a property due to breach of contract by Veronica.
However,
Punitive Damages is the type of redressal method where a party suffers a loss due to a careless act of another party.
There is no careless act on behalf of Veronica.
Thus Will cannot take 'Punitive Damages' as a leagl redressal to get compensation for his loss.