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Author Topic: Can someone explain what restitution, reliance and expectancy interests are?  (Read 6435 times)

Waiting for Those Letters

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I just don't get it. I don't understand the book's defintion. Either I am thinking too hard or too little...

EarlCat

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Or both... :-/

Unfortunately I'm a stupid 0L, so I don't know either.

plex

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Eh, learn them fast, since they are a basic part of Contracts I. If you get expectation, you also get reliance/restitution. If you get reliance, you also get restitution. If you get restitution, that is all you get. As to what each of the interests are, expectation is the profits one was expecting to receive from a transaction. Reliance is all the money spent in preparation to perform (AFTER the contract was made). Restitution is just getting back whatever value you passed on to the other party.

Waiting for Those Letters

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Eh, learn them fast, since they are a basic part of Contracts I. If you get expectation, you also get reliance/restitution. If you get reliance, you also get restitution. If you get restitution, that is all you get. As to what each of the interests are, expectation is the profits one was expecting to receive from a transaction. Reliance is all the money spent in preparation to perform (AFTER the contract was made). Restitution is just getting back whatever value you passed on to the other party.

Thank you so much!!!!!!!!!!!!!!!!

deedeeleigh

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plex, I basically agree with your assessment, except I don't think if you get reliance you automatically get restitution. Sometimes restitution can be a greater value than reliance. If the breaching party can show that the non-breaching party would have suffered a loss if the k had been performed, they can get out of paying reliance damages, but this won't work for restitution.

But OP why are you learning this now? Your sig says you are class of 2011--were you a summer start?

Some classes here learned damages first in k's, before even offer, acceptance, consideration, but I think that's a really confusing way to learn.   

Waiting for Those Letters

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plex, I basically agree with your assessment, except I don't think if you get reliance you automatically get restitution. Sometimes restitution can be a greater value than reliance. If the breaching party can show that the non-breaching party would have suffered a loss if the k had been performed, they can get out of paying reliance damages, but this won't work for restitution.

But OP why are you learning this now? Your sig says you are class of 2011--were you a summer start?

Some classes here learned damages first in k's, before even offer, acceptance, consideration, but I think that's a really confusing way to learn.   

Yes, I am a summer start.

nealric

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Can someone explain what restitution, reliance and expectancy interests are?

Important concepts you can wait a few months before learning.
Georgetown Law Graduate

Chief justice Earl Warren wasn't a stripper!
Now who's being naive?

Waiting for Those Letters

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Can someone explain what restitution, reliance and expectancy interests are?

Important concepts you can wait a few months before learning.

Refer to the above post.