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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.
The most common defenses to enforcement of a contract or liability for damages are: Enforcement of the contract would violate public policy. ... Performance of the contract has become impossible or the purpose of the contract has become frustrated. ... The contract is illegal. ... The contract lacks consideration.
There are many different types of estoppel. In the context of defending a breach of contract action, the most important involves acquiescence or inaction. That is, a person can be estopped from asserting a right under a contract if they acted in ways inconsistent with that right, through acquiescence or inaction.
Compensatory damages are monetary damages that are awarded with the intent of compensating the non-breaching party for any losses suffered as a result of a contract breach. They are not designed to punish the breaching party, but merely make the party that was breached against ?whole again,? as it is commonly phrased.
An example of promissory estoppel might be applied in a case where an employer makes an oral promise to an employee to pay the employee a specified monthly or annual amount of money throughout the full duration of the employee's retirement.
What Is Estoppel? The term estoppel refers to a legal principle that prevents someone from arguing something or asserting a right that contradicts what they previously said or agreed to by law. Put simply, estoppel prevents one person from contradicting an action or statement from the past.
Primary tabs. Estoppel is an equitable doctrine, a bar that prevents one from asserting a claim or right that contradicts what one has said or done before, or what has been legally established as true. Estoppel may be used as a bar to the re-litigation of issues or as an affirmative defense.
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.