Question

Contract law provides for a number of different remedies. Please discuss two of these remedies, explaining when they apply and what they require.

Answer 1

What is contract ?

Contract is a legal agreement betweeen two are more parties to perform certain activities according to the terms and conditions mentioned in the note. If any party is failed to fulfill the the job as said in the agreement than we call it as breach of contract. For example we can sign a contracct while purchasing property, import and export of goods, signing offer letter for the job, sanctioning of loans etc.

Normally remedies applies when there any damaged in the contract.

There ae some remedies to a breach of contract as mentioned below:

^{A. SUIT FOR DAMAGES:}

Damages are a monetary compensation payable to the the party that has siffered loss or injury as a result of breach of contract. Some of the common damages are mentioned below.

1) Ordinary Damages: These damages occurs naturally and if any party is accepted that damages are done by them mistakenly. For eaxample transporting of goods from A to B and A party is not taken insurance as he was confident in the local market to deliver the goods and lost 50% of the foods in accident. Now party A is entitled to pay 50% of the losses.

2) Special Damages : Special damages are already known by the parites if the value of product that can deliver in the market has losted before delivering to the customer. For example : A Personal computer of X company is worth $ 250 and can be sold in the market $ 500 so Company X can claim $ 500 from the first seller on behalf of X company.

3) Exemplary Damages: These damages are not termed as monetary damages as when any party not able to pay the money for the loss/injury created. For example. dishnour of cheque, cancellation of marriage etc.

4) Nominal Damages : These damages are very small and when there is no harm and huge losses than it is treated as nominal damges. For example resuling to loss of $1 or any party is piad lesser amount unknowingly the worth of damage

5) Damages for inconveniences and discomfort: When any party is felt inconvenient/discomfort to the services offered by any service provider. For Example A cab driver failed to deliver the passenger at right destination due to failure tyre puncture and passenger was in emergency.

Note: Damages depends on the type of damages occured and has been filed against court of law for the monetary compensation.

B: SUIT FOR SPECIFIC PERFORMANCE:

It is remedy when a party has to fulfil the promise/agreement as stated in contract or actionable. A party which has failed to do job or activity as he has breached the contract and has to follow the guidelines under cour of law. For example a commercial builder of property has not sold the property to a client, tranfer of shares etc.

C: SUIT FOR INJUCTION:

When court has passed stay order for any party, company, property, states etc. for not continuing their activities or not fined any monetary charges before action taken. These remedies effective when any party has done mischief.