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Lost expectancy in a contract case means the portion of the contract that the aggrieved party was entitled to receive in the event that the entire contract had been completed as required by the terms of the contract. For example - two parties enter into a construction contract and the contract amount was 12K. One party cancelled the contract on the contractor and he was only paid 8K. The contractor's lost expectancy is the 4K that he expected to receive and never received as a result of the breach of contract by the other party.
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