Monetary Damanges and Remedies for Breach of Contract
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The solution discusses monetary damages and remedies for breach of contract.
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Monetary damages for breach of contract: The party who suffers damages for a breach of contract is entitled to seek monetary compensation for it.
There are four types of monetary breach of contract:
They are I) Compensatory; ii) Consequential; iii) Punitive; IV) The Nominal.
i) Compensatory: is for the injuries or losses actually incurred by the party who has not caused it.
ii) Consequential: results indirectly from the breach though foresee able reasonably by the party causing the breach when it occurred.
iii) Punitive: The purpose of the damage is to punish the wrong doer as well as prevent ...
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