Contract Law - Remedies etc._pdf

Deposits if one party to the contract pays the other

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Unformatted text preview: i4gate his loss; ie: he must take reasonable steps to minimise his losses. •  If he fails to do so, his damages may be reduced or he may only get nominal damages. 1(A)ii LIQUIDATED DAMAGES •  Liquidated damages are damages that have been pre- agreed to by the parBes in the contract as being payable in the event of certain breaches. •  Why would parBes want to have a liquidated damages clause in the contract? 1(A)ii Liquidated Damages – When Valid? •  However, since there is a possibility of abuse, the courts may not always allow a liquidated damages clause to be enforced. •  Whether a liquidated damages clause can be enforced would depend on factors such as: Ø།  Is the amount stated in the clause extravagant compared to greate...
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