When universities face problems with contracts, they have a few ways to deal with it. Here’s a simple breakdown of what they can do:
Compensatory Damages: This is the most common option. The university can try to get back the money they lost because someone didn’t follow the contract. The goal is to get them back to where they would have been if everything had gone as planned.
Specific Performance: Sometimes, with special contracts (like those for land or unique items), a university might ask a court to make the other party stick to their side of the deal.
Rescission: This means the university can decide to cancel the contract completely. This gets them out of any future responsibilities. They might also ask for something back if they gave any benefits to the other party.
Liquidated Damages: If the contract has a section that says how much money should be paid if someone breaks the contract, the university can ask for that amount right away, without having to show how much they actually lost.
Every situation is different, so what the university chooses to do often depends on the details of the contract and what went wrong.
When universities face problems with contracts, they have a few ways to deal with it. Here’s a simple breakdown of what they can do:
Compensatory Damages: This is the most common option. The university can try to get back the money they lost because someone didn’t follow the contract. The goal is to get them back to where they would have been if everything had gone as planned.
Specific Performance: Sometimes, with special contracts (like those for land or unique items), a university might ask a court to make the other party stick to their side of the deal.
Rescission: This means the university can decide to cancel the contract completely. This gets them out of any future responsibilities. They might also ask for something back if they gave any benefits to the other party.
Liquidated Damages: If the contract has a section that says how much money should be paid if someone breaks the contract, the university can ask for that amount right away, without having to show how much they actually lost.
Every situation is different, so what the university chooses to do often depends on the details of the contract and what went wrong.