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A party who does not suffer any loss in case of breach of contract is entitled to :
- a)Statutory damages
- b)Liquidated damages
- c)Exemplary damages
- d)Nominal damages
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
A party who does not suffer any loss in case of breach of contract is ...
The types of damages as per Indian contract act, 1872 are as follows:
General damages
Special damages
Exemplary or vindictive damages
Nominal damages
Loss caused due to deterioration or delay
Pre fixed damages
Exemplary damages are awarded only in 2 cases
1. Breach of promise to marry
2. Wrongful dishonour of cheque.
Hence, option D will be the answer
General damages
Special damages
Exemplary or vindictive damages
Nominal damages
Loss caused due to deterioration or delay
Pre fixed damages
Exemplary damages are awarded only in 2 cases
1. Breach of promise to marry
2. Wrongful dishonour of cheque.
Hence, option D will be the answer
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Community Answer
A party who does not suffer any loss in case of breach of contract is ...
**Explanation:**
In case of breach of contract, the party who does not suffer any loss is entitled to nominal damages. Nominal damages are a small amount of money awarded to the innocent party to recognize the breach of contract, even though no actual loss or damage has been incurred.
**1. Nominal Damages:**
- Nominal damages are awarded when the innocent party is unable to prove any actual loss or damage caused by the breach of contract.
- It is a symbolic or token amount of money awarded to acknowledge that a breach of contract has occurred, even if there are no actual financial consequences.
- The purpose of nominal damages is to uphold the principle of contract law and to provide the innocent party with some form of legal remedy for the breach.
**Example:**
For example, if Party A enters into a contract with Party B to purchase a painting for $10,000, and Party B fails to deliver the painting, Party A may be entitled to nominal damages, even if they did not suffer any financial loss as a result of the breach. The court may award a small amount, such as $1, as nominal damages to recognize the breach of contract.
**Summary:**
In summary, when a party does not suffer any loss in case of breach of contract, they are entitled to nominal damages. Nominal damages are awarded as a symbolic amount to acknowledge the breach of contract, even if there are no actual financial consequences. This ensures that the innocent party has some form of legal remedy for the breach and upholds the principles of contract law.
In case of breach of contract, the party who does not suffer any loss is entitled to nominal damages. Nominal damages are a small amount of money awarded to the innocent party to recognize the breach of contract, even though no actual loss or damage has been incurred.
**1. Nominal Damages:**
- Nominal damages are awarded when the innocent party is unable to prove any actual loss or damage caused by the breach of contract.
- It is a symbolic or token amount of money awarded to acknowledge that a breach of contract has occurred, even if there are no actual financial consequences.
- The purpose of nominal damages is to uphold the principle of contract law and to provide the innocent party with some form of legal remedy for the breach.
**Example:**
For example, if Party A enters into a contract with Party B to purchase a painting for $10,000, and Party B fails to deliver the painting, Party A may be entitled to nominal damages, even if they did not suffer any financial loss as a result of the breach. The court may award a small amount, such as $1, as nominal damages to recognize the breach of contract.
**Summary:**
In summary, when a party does not suffer any loss in case of breach of contract, they are entitled to nominal damages. Nominal damages are awarded as a symbolic amount to acknowledge the breach of contract, even if there are no actual financial consequences. This ensures that the innocent party has some form of legal remedy for the breach and upholds the principles of contract law.
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A party who does not suffer any loss in case of breach of contract is entitled to :a)Statutory damagesb)Liquidated damagesc)Exemplary damagesd)Nominal damagesCorrect answer is option 'D'. Can you explain this answer?
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A party who does not suffer any loss in case of breach of contract is entitled to :a)Statutory damagesb)Liquidated damagesc)Exemplary damagesd)Nominal damagesCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A party who does not suffer any loss in case of breach of contract is entitled to :a)Statutory damagesb)Liquidated damagesc)Exemplary damagesd)Nominal damagesCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A party who does not suffer any loss in case of breach of contract is entitled to :a)Statutory damagesb)Liquidated damagesc)Exemplary damagesd)Nominal damagesCorrect answer is option 'D'. Can you explain this answer?.
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