89Topic list Syllabus reference
1 Discharge of contract B3(a)
2 Breach of contract B3(b)
3 Damages B3(c)
4 Remoteness of damage B3(c)
5 Measure of damages B3(c)
6 Liquidated damages and penalty clauses B3(c)
7 Other common law remedies B3(c)
8 Equitable remedies B3(d)Breach of contract
and remedies
Introduction
Most contracts end with the intended result, however many contracts end with
one party breaching the terms of the deal. This chapter examines what breach
of contract is and what the remedies are for the innocent party.
Damages are monetary compensation for a loss. However, there are rules
concerning what damages can be claimed for and how much should be
awarded. Liquidated damages and penalty clauses are contractual terms that
state how damages will be calculated so both parties agree to them in advance.
You should understand when these will and will not be enforced by the court.
There are also equitable remedies that can be claimed if damages are not
suitable. You should understand all of them.