Damages in contract law can be defined as a sum of money paid to the innocent party in compensation for a breach of contract.

What are the types of damages in a contract?

Types of Damages

• 1] Ordinary damages. On the breach of a contract, the suffering party may incur some damages arising naturally, in the usual course of events.
• 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?

There are 3 types of damages are: economic, non-economic, and exemplary.

What are the five types of contract damages?

There are many types of damages for breach of contract that you may receive should a breach occur, these being meted out both to deter parties from breaking contracts and to compensate parties should a contract be broken. The main types of damages are compensatory, liquidation, punitive, nominal, and ordinary damages.

What are damages examples?

General damages Examples of this include physical or emotional pain and suffering, loss of companionship, loss of consortium, disfigurement, loss of reputation, loss or impairment of mental or physical capacity, hedonic damages or loss of enjoyment of life, etc.

What types of damages can you sue for?

Types of damages you can sue for include:

• current and future loss of earnings.
• medical bills.
• cost of future medical treatment.
• household expenses.
• costs associated with canceled trips or any changes in plans caused by your injury.
• mental anguish.
• pain and suffering.

What are specific damages?

In tort law, special damages are damages like car dents or medical expenses that can actually be ascertained, and they are contrasted with general damages, which refer to damages for things like intentional infliction of emotional distress which do not have a set monetary cost.

What are the 3 types of compensatory damages?

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

How many types of damages are there?

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

What are three types of damages recoverable in a lawsuit?

There are three types of damage that form the foundation of most civil lawsuits: compensatory, nominal, and punitive.

What are contract damages?

While “damages” refer to the compensation awarded or sought for, “damage” refers to the injury or loss which such compensation is claimed for or being awarded. Damages are popularly granted in cases of tort or on breach of contract.

What are the five remedies for breach of contract?

Five remedies for breach of contract include: “Award of Damages”, “Restitution”, “Rescission”, “Reformation”, and “Specific Performance”.

What are kinds of damages available in case of breach of a contract?

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 does damages mean in law?

Damages refers to the sum of money the law imposes for a breach of some duty or violation of some right. 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 examples of nominal damages?

When Can Nominal Damages Be Awarded?

• The value of the loss cannot be determined;
• The contract case is also combined with a tort claim. Common examples include fraud or coercion; and.
• The defendant acted in bad faith during contract negotiations or when executing their obligations under the contract.

What are examples of consequential damages?

Examples of Consequential Damages.

• Loss of anticipated profits;
• Loss of business;
• Cost of unsuccessful attempts to repair defective goods;
• Loss of goodwill;
• Losses resulting from interruption of buyer’s production process;
• Loss of reputation; and.
• Loss of sales contracts because of delayed products.