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MBA- PM0051 : what are the remedies for breach of contract.

Posted on: March 13, 2012

MBA- PM0051 : what are the remedies for breach of contract.

Answers: – Before you file a breach of contract lawsuit, you should know which type of remedy you are seeking. Many people simply want monetary compensation for the grief caused by the other party’s breach of contract. Types of damages for breach of contract include:

Compensatory Damages – money to reimburse you for costs to compensate for your loss

Consequential and Incidental Damages – money for losses caused by the breach that were foreseeable (foreseeable damages are when each side reasonably knew that–at the time of the contract–there would be potential losses if there was a breach

Attorney Fees and Costs – only recoverable if expressly provided for in the contract

Liquidated Damages – damages specified in the contract that would be payable if there is a fraud

Punitive Damages – money given to punish a person who acted in an offensive and egregious manner in an effort to deter that person and others from continuing to act in this way. You generally cannot collect punitive damages in contract cases.

The controlling law, the conduct of the violating party, and the extent of harm you suffered can influence which of these damages for breach of contract will be awarded in your situation. The more egregious and intentional the behavior, the greater the chance you have of being awarded larger, punitive damages. If the breach was unintended and arose from negligent behavior, you will probably receive compensatory or consequential damages.

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1 Response to "MBA- PM0051 : what are the remedies for breach of contract."

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