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ch17

West's Business Law with Online Research Guide, 9th Edition

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TYPES OF MONETARY DAMAGES A breach of contract entitles the non-breaching party to sue for money damages . There are four basic types of money damages available in a breach of contract action: Compensatory Damages: Damages that compensate the non-breaching party for the injuries or losses actually sustained as a result of the breach. Consequential Damages: Damages, resulting indirectly from the breach, which were reasonably foreseeable to the breaching party at the time the breach occurred. Punitive Damages: Damages designed to punish a wrongdoer and to deter similar conduct in the future. Such damages are generally not recoverable in breach of contract actions, unless the breaching party’s actions give rise to a separate tort claim. Nominal Damages: Damages awarded to the non- breaching party when only a “technical” injury occurred resulting in no actual damages. Ch. 17: Contracts: Breach of Contract and Remedies - No. 1 West’s Business Law (9th ed.)
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COMPENSATORY DAMAGES Although there are special formulae for certain types of contracts, compensatory damages are generally calculated as follows: The value of the performance as promised The value of the performance actually rendered The value of any loss avoided, or mitigated , by the non-breaching party + Incidental damages by the non-breaching party _______________________________________________ = Compensatory damages . Incidental Damages: Expenses or costs that are caused by the breach of contract, such as the costs incurred in obtaining performance from another source. “Market Value” Damages: In cases involving contracts for the sale of goods or, in most states, land, compensatory damages generally equal the difference between the contract price of the goods or land and the fair market Ch. 17: Contracts: Breach of Contract and Remedies - No. 2 West’s Business Law (9th ed.)
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