What are the different types of contract damages?

• Compensatory Damages. The purpose of compensatory damages in a contract dispute is to restore the parties to their pre-contract position. ...
• Liquidated Damages. ...
• Nominal Damages. ...
• Punitive Damages.

• 1] Ordinary damages. ...
• 2] Special Damages. ...
• 3] Vindictive or Exemplary Damages. ...
• 4] Nominal Damages. ...
• 5] Damages for Deterioration caused by Delay. ...
• 6] Pre-fixed damages.

What are the 3 types of damages?

What are compensatory and punitive damages?

Compensatory damages, like the name suggests, are intended to compensate the injured party for loss or injury. Punitive damages are awarded to punish a wrongdoer.

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 various types of damages in Contract Act 1872?

Damages can be caused in two ways: consequential or incidental. The estimated money should equal the harm or detriment suffered by either party, as directed by law. The non-performance or non-compliance of either party with the terms of the contract results in restitution or compensation.

What are general damages in contract law?

General damages cover the loss directly and necessarily incurred by the breach of contract. General damages are the most common type of damages awarded for breaches of contract. payment for any increase in the cost Company B incurred in buying the right furniture, or its nearest equivalent, from another seller.

What are damages and liquidated damages in a contract?

A Liquidated damages clause specifies the amount of damages to be paid by the breaching party if it fails to perform specified obligations and otherwise in the event of certain types of breaches under the contract.

What is the difference between compensatory and aggravated damages?

Aggravated damages are awarded to compensate for aggravated damage. … They take account of intangible injuries and by definition will generally augment damages assessed under the general rules relating to the assessment of damages. Aggravated damages are compensatory in nature and may only be awarded for that purpose.

What is the difference between pecuniary and non pecuniary damages?

Pecuniary losses are losses that you can measure in money, usually by producing a receipt or a bill to show that you have paid an expense or will incur an expense or financial loss in the future. Non-pecuniary damages in a personal injury claim are those losses that cannot be measured precisely in money.

What is the difference between compensatory and non compensatory damages?

The main difference between these two types of damages is that they are directed toward different parties of a civil claim. Compensatory damages are awarded to benefit the plaintiff and to help him or her cover the costs of an accident and/or injury.

What are the types of damages in business law?

There are four types of damages which can be claimed by the aggrieved party. Ordinary Damages or General Damages. Exemplary or Vindictive Damages. Nominal Damages.

What are examples of general damages?

What is the measure of damages in contract?

The measure of contractual damages is the difference between “the true value of the asset and its value with the quality as warranted”, whereas the measure of tortious damages is the difference between “the true value of the asset and the price paid”.

What is an example of punitive damages?

Individuals can also be ordered to pay punitive damages that injure someone else due to negligent behavior. Examples of this would be drunk driving or distracted driving. In both cases, the defendant would have made a conscious decision to engage in behavior that could easily harm another person.

What are nonpecuniary damages?

Non-Pecuniary Damages Definition

Non-pecuniary damages are compensatory damages that can't be clearly quantified in monetary terms. They tend to be difficult to measure because they're more subjective and not straightforward costs.

What are the differences between general and special damages?

Special or Pecuniary Damages

Special damages are less complicated than general damages because they refer to monetary compensation for quantifiable losses suffered as a result of a defendant's negligent actions. In other words, they are the specific financial losses suffered and the expenses that were incurred.

What is the difference between punitive and exemplary damages?

Punitive damages go beyond compensating the aggrieved party and are specifically designed to punish defendants whose conduct is considered grossly negligent or intentional. They are also called exemplary damages when they are intended to set an example to deter others from committing similar acts.

What is the difference between nominal and punitive damages?

Nominal damages are damages in name only, a trifling sum awarded to recognize an infringement of rights without resulting substantial loss or injury. Punitive damages are a penalty used where a defendant's conduct has been particularly egregious, vindictive, or malicious; they are not compensation for injury.

What is the difference between compensatory nominal and punitive damages?

Compensatory damages are given to the injured victim to help pay for medical expenses and other damages created, while punitive damages are meant to penalize the at-fault party.

What is the difference between liquidated and unliquidated damages?

Liquidated damages are calculated on a daily or a weekly basis. Unliquidated damages are damages that are payable for a breach, the exact amount of which has not been pre-agreed. The sum to be paid as compensation is said to be 'at large' and is determined after the breach occurs, by a Court.

What is the difference between actual damages and liquidated damages?

Liquidated Damages are a variety of actual damages. Most often, the term "liquidated damages" appears in a contract, and often is the title for a whole clause or section. Parties to a contract use liquidated damages where actual damages, though real, are difficult or impossible to prove.