Compensatory – A money award equivalent to the existent value of hurts or amendss sustained by the aggrieved party. When a contract has been breached. the tribunal orders the party that breached to pay the sum of direct losingss done to innocent party.
Consequential – Special damges that compensate for a loss that is non direct or immediate ( for illustration. lost profits0. The particular amendss must hold been moderately foreseeable at the clip the breach or hurt occurred in order for the complainant to roll up them. The party that breached the contract must reimburse the guiltless party for the indirect losingss even if they were foreseeable amendss.
Punitive – Money amendss that may be awarded to aplaintiff to penalize the suspect and discourage future similar behavior. A pecuniary award the tribunal orders on the guilty party to penalize them for a breach of contract.
Nominal – A little pecuniary award ( frequently one dollar ) granted to a complainant when no existent harm was suffered or when the complainant is unable to tshow such loss with sufficient certainty. When the complainant can non turn out amendss or no amendss were done. the tribunal may supply a little sum of money. “often one dollar” .
Liquidated – An sum. stipulated in the contract. that the parties to a contract believe to be a sensible appraisal of the amendss that will happen in the event of a beach. For the tribunal to order this redress. the contract must be in composing. Liquidation takes topographic point of compensatory and eventful redresss. In the contract. it must state “if contract is breached…” transgressing party must pay this much to the other party.
Rescission – A redress whereby a contract is canceled and the parties are returned to the places they occupied before the contract was made ; may be effected through the common consent of the parties. by their behavior. or by tribunal edict. This redress requires both parties to “undue” the contract and set each party into the pre-contract place.
Restitution – An just redress under which a individual is restored to his or her original postion prior to loss or hurt. or placed in the place he or she would hold been in had the breach non occurred. Very similar to a recission. but both parties must return each other into old provinces but alternatively of call offing out the contract and returning each other into pre-contract province. they would be returned to pre-breached province.
Specific public presentation – An just redress requing the transgressing oarty to execute as promised under the contract ; usally granted merely when money amendss would be an unequal redress and the capable affair of the contract is alone ( for illustration. existent belongings ) The tribunal orders transgressing party to finish the specific action that was promised in the contract.
Reformation – A tribunal ordered rectification of a written contract so that it reflects the true purposes of the parties.
Quantum meruit – Literally. “as much as he deserves’-an look depicting the extent of liability on a contract implied in jurisprudence. An just philosophy based on the construct that one who benefits from another’s labour and stuffs should non be unjustly enriched thereby but should necessitate to pay a sensible sum for the benefits reecived. even abesnt of a contract.