Explain reliance damages and specific performance


Assignment task: "In 2004, real estate broker Richard Davis called an A&E television executive about partnering on a new reality show called Flip This House.  Davis  said  he would  undertake  the  financial  risks  of  purchasing""and  later  reselling  the  real  estate  and  he  and  the network  would  split  the  net  profits.  Davis  received confirmation  from  the  network  director  over  the phone  and  later  with  three  other  executives.  The network never paid Davis and claimed no agreement was made. The district court found on behalf of Davis, and the network appealed.  The  appellate  court  stipulated  that  two  facts  must  be  true  to find  on  behalf  of  Davis:  first,  that  Davis  reason-ably  believed  that  an  agreement  was  made  during the  phone  conversations  and,  second,  that  such  a belief  would  be  made  by  an  objectively  reasonable person. How do you think the court decided?": What is the difference between expectation damages, reliance damages and specific performance? Use examples to illustrate your points.

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Business Law and Ethics: Explain reliance damages and specific performance
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