I’m literally a higher education law student and no matter how many times it’s explained to me I DO NOT GET IT 😂
In: 7
Hey there! So, expectation and reliance interest are two important concepts in contract law. Expectation interest refers to the benefits that a party expected to receive from the contract, while reliance interest refers to the expenses that a party incurred in reliance on the contract.
For example, let’s say you hired a contractor to remodel your kitchen. You expect that the contractor will complete the work in a timely manner and to your satisfaction. If the contractor breaches the contract and doesn’t deliver on these expectations, you may have a claim for damages based on your expectation interest.
On the other hand, let’s say you paid a deposit to the contractor to cover the cost of materials. If the contractor breaches the contract and doesn’t start the work, you may have a claim for damages based on your reliance interest, as you incurred expenses in reliance on the contract.
this example was used with me and it helped.
Latest Answers