Consequences Of Breach Of Contract

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Consequences Of Breach Of Contract : 

Consequences Of Breach Of Contract Submitted to:- Manoj Sir Submitted by:- Roll No.

What is Breach Of Contract? : 

What is Breach Of Contract? If the party to a contract does not perform his obligations, or expressly refuses to perform the contract , it amount to what is called Breach Of Contract In the case of a breach of contract, the party who dose not, or refuse to, perform his obligations is called the defaulting party, whereas the other party is the aggrieved party in case of breach of contract

Remedies Available To Aggrieved Party : 

Remedies Available To Aggrieved Party Exoneration:- when one party to a contract refuses or fail to perform , the aggrieved party can assume the contract to terminate. Claim for damages:- damages are a monetary compensation allowed to the aggrieved party by law for the lass suffered by him for the breach of a contract , the aggrieved party can sue for it. Claim for Quantum Merit:- Quantum merit literally means “as much as earned” & implies payment to a party of as much money as the party would have earned

Cont… : 

Cont… Claim for injunction:- An injunction is a means of claiming specific performance where such performance involves restraining a party from doing what he has promised not to do. Claim for specific performance:- the party in breach can be lawfully bound to perform as per the terms of original contract.

Kinds Of Damages : 

Kinds Of Damages

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General damages:- when the contract is broken , the natural & direct loss suffered by aggrieved party is called general damages. Special damages:- a loss that arises out of special circumstances prevailing at the time of breach of contract incl. damages other than those arising from the breach of contract are special damages. Exemplary damages:- Sometimes the breach of a contract may result in the loss of credibility of a party & may hurt the party’s reputation

Cont…. : 

Cont…. Nominal damages:- when the aggrieved party has not in fact suffered any loss by reason of the breach of contract, the damages recoverable by him are nominal. Penalty:- when making the contract , that, in the event of a breach of the contract, the party responsible for the breach would pay a specified sum as damages to the other party. Interest as damages:- when a party to a contract does not make a payment on the stipulated date, is the party liable to pay damages in the form of interest on the amount

References……. : 

References……. Business regulatory framework by Dr. Ashok Sharma

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