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5 [ BCL ] Remedies for breach of Contract - Coggle Diagram
5 [ BCL ] Remedies for breach of Contract
Damages
Damages
Available as of right to the injured party when there is a breach of contract
The amount of damages the injured party can claim will generally depend on how much losses he had suffered due to the breach of contract
Also depends on whether the injured party has taken reasonable steps to limit the extent of his losses
Also if there is an available market for the relevant goods or services, the amount if damages that they can claim is entitled to claim will be based on the market price of those goods or services as at the date of breach of contact
Liquidated Damages
Contract can be specify a fixed amount - formula to calculate how much damages
party who breaches the contract should pay to the injured party that amount
only enforacable under the law if they meet legal requirement of being a genuine
pre-estimate
of the likely loss caused by the breach of the contract
If this legal requirement is met,
injured party can claim the amount specified in that clause without having the actual loss suffered due to the breach of contract
If this legal requirement is not met,
injured party can still claim damages for the breach of contract but
needs to prove the actual loss suffered
Specific Performance
an
equitable remedy
based on the
court's discretion
, where the court commands a person to perform his contract duties
only available if the injured proves that it is
fair and reasonable
on the specific facts of the dispute
usually occurs when claiming damages is not an
adequate
remedy and the injured party has
'clean hands'
Injunctions
Forbids
a person from breaching a
negative
contract duty
To
enforce restraints of trade
that meets the legal requirement of reasonableness