Discuss the various remedies related to a breach of contract. Should punitive damages be allowed for breaches of contract?
What will be an ideal response?
There are several kinds of contract remedies available to the victim of a breach of contract:
1) Compensatory Damages. Compensatory damages can be defined as the amount of money necessary to make up for the economic loss caused as a result of the breach of contract.
2) Specific Performance. Specific performance is an order by the court requiring the party that breached the contract to perform its obligation. Similar to an injunction, specific performance orders performance whereas an injunction orders non-performance.
3) Consequential Damages. Consequential damages are economic loss caused indirectly by a breach of contract.
4) Liquidated Damages. Liquidated damages are damages specified in the contract itself and are often referred to as "agreed-upon" damages.
Punitive damages are not allowed for breach of contract since the goal of contract law is to merely put the parties in the position they would have been had the contract been performed.
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