What are contract damages?

• Compensatory Damages. Compensatory damages (or “actual damages”) are specifically meant to make up for the plaintiff's losses. ...
• Punitive Damages. ...
• Liquidation Damages. ...
• Nominal Damages.

• Compensatory Damages.
• Liquidation Damages.
• Punitive Damages.
• Nominal Damages.
• Ordinary or General Damages.
• Equitable Remedies.

What are the 3 types of damages?

What are actual damages in contract law?

Compensatory damages (also called “actual damages”) cover the loss the nonbreaching party incurred as a result of the breach of contract. The amount awarded is intended to make good or replace the loss caused by the breach.

What are the 6 types of damages?

There are six different types of damages: compensatory, incidental, consequential, nominal, liquidated, and (sometimes) punitive.

What are the 4 types of damages available for breach of contract?

What are two types of breach of contract damages?

Generally, there are two types of damages: compensatory and punitive. (The term "damages" typically includes both categories, but the term, "actual damages" is synonymous with compensatory damages, and excludes punitive damages.)

What are the 3 types of compensatory damages?

The three types of damages are economic damages, non-economic damages, and punitive damages.

What are exemplary damages in contract law?

Punitive damages in contract law are monetary damages awarded to a plaintiff to punish the defendant and prevent him from engaging in the same conduct at any point in the future. Punitive damages are also referred to as exemplary damages and are only one type of award given to the plaintiff.

What is legal damage?

damages, in law, money compensation for loss or injury caused by the wrongful act of another. Recovery of damages is the objective of most civil litigation.

What are real damages?

Actual damages refer to the financial amount that is paid to a victim that suffered loss that can be calculated. Actual damages are often known as real damages or, legally, as compensatory damages. These are damages that arose from the neglect or mistake of another party.

What are punitive damages in contract law?

Punitive damages are considered punishment and are typically awarded at the court's discretion when the defendant's behavior is found to be especially harmful. Punitive damages are normally not awarded in the context of a breach of contract claim.

What is the difference between actual and consequential damages?

While the actual definition of consequential and direct damages seems relatively straightforward, in practice they can become a bit more muddled. In general terms, direct damages immediately stem from the contractual breach, while consequential damages are still related to the breach but without a direct correlation.

What three 3 Things Must a court consider in reviewing punitive damages?

To ensure that unconstitutional punishment is not imposed in the form of punitive damages, the Court has set forth three "guideposts" for courts to consider in reviewing punitive damages awards: "(1) the degree of reprehensibility of the defendant's misconduct; (2) the disparity between the actual or potential harm ...

What are examples of general damages?

What types of damages are recoverable?

Compensatory Damages. The first type of recoverable losses is called “compensatory damages.” Payment that falls under this category is compensation for the plaintiff's losses and injuries sustained as a result of the accident.

Can the damages be predetermined in a contract?

Liquidated damages are the estimation of loss suffered by other parties. In liquidated damages the amount of the compensation is predetermined. Liquidated damages are mostly given in Contract Act as in this it is already decided that any person who breaches the contract, so how much money they have to pay.

What are common law damages?

A common law claim is a claim for damages in which it is necessary for the worker to prove 'fault' in the form of negligence or breach of statutory duty on the part of the employer. A Workers Compensation policy will often also cover liability for any work related 'common law' claims by employees.

What is damages for breach of contract?

Unliquidated Damages are the damages awarded by the courts on the basis and assessment of actual loss or injury caused to the party suffering breach of contract. Whereas, Liquidated Damages are the damages which the parties to the contract may agree to, as payment of a certain amount on the breach of contract.

What are substantial damages?

Substantial damages are awarded as a means to compensate a plaintiff where they have suffered an actual loss. Substantial damages can be either general or special.

What is the difference between punitive and exemplary damages?

Punitive damages are also called “exemplary damages,” which are damages assessed in the legal process to punish a defendant for negligence. The defendant is usually a company or other large entity. Examples would medical malpractice cases or product liability cases.