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The general remedy for breach of contract is a monetary sum amounting to the financial loss suffered as a result of the breach. The common law position is to place the innocent party in the same position as if the contract had been performed, such as accounting for a loss of sales.
To have a valid breach of contract claim, you need to show the following: You and the breaching party entered into a valid contract. This means that the contract was lawfully entered into, supported by consideration, enforceable, and met the requirements of the Ohio statute of frauds.
The general rule is that damages are meant to place the claimant in the same position as if the contract had been performed. Damages are usually awarded for expectation loss (loss of a bargain) or reliance loss (wasted expenditure).
There are many types of damages for breach of contract that you may receive should a breach occur, these being meted out both to deter parties from breaking contracts and to compensate parties should a contract be broken. The main types of damages are compensatory, liquidation, punitive, nominal, and ordinary damages.
In parallel to a claim for breach of contract, an aggrieved client may also sue in negligence. The tort of negligence has 3 basic requirements which must be proved by the claimant on a balance of probabilities, namely: Duty of care. The defendant owed the claimant a duty not to cause the type of harm suffered.
Overview of Remedies However, with the exception of certain types of equitable remedies (such as specific performance, injunctions or an accounting for profits), the most common and usual remedy for breach of contract will be an award of damages.
Expectation damages are damages that can be recovered from a contract breach by the non-breaching party. It intends to put the non-breaching party in as good of a position as if the breaching party fully performed their contractual duties.
In tort law, actual damages, also known as compensatory damages, are damages awarded by a court equivalent to the loss a party suffered. If a party's right was technically violated but they suffered no harm or losses, a court may instead grant nominal damages.
You need to sue the person or business who signed or entered into and then breached the contract. Generally, someone cannot sue a third party they do not have a contract with. Only the one who signed or entered into the agreement with you is responsible for the damages to you.
Four Types of Damages Available in a Breach of Contract Compensatory damages. Compensatory damages aim to restore the party who did NOT breach the contract back to the position they would have been in if the other party had held up their end of the deal as promised. Punitive damages. ... Nominal damages. ... Liquidated damages.