DBIA - Contracts and Risk Management Questions With 100% Correct Answers.

Requirements for a valid contract - -Offer -Acceptance -Consideration -Capacity -Authority Trident v. Austin (2003) - -Austin told Trident that they would come back to them and use them if they won. -Austin did win, but did not go back to Trident -Trident could've offered a backup to their $5.2M. Promissory Estoppel and Detrimental Reliance - an equitable doctrine that prevents the withdrawal of a promise by a promisor if it will adversely affect a promisee who has adjusted his or her position in justifiable reliance on the promise Metroplexcore v. Parsons Transportation Group (2014) - PTG made repeated assurances that MC would be part of the team (promises). Even the owner expected MC to be on the team. - Example of Promissory Estoppel Expectation Damages - Award what was reasonably expected from the contract Rescission Damages - When expectation damages not available, award what party would have had if contract had not existed Specific Performance and Injunctive Relief - If contract's subject is unique, a court may order that the breaching party perform its obligations under that contract (specific performance) or stop doing something (injunction)Quantum Meruit - Award of a reasonable sum of money (i.e., "what the claimant deserved") Key Principles of Contract Damages - Damages cannot be speculative, and must be proven to a "reasonable" degree of certainty