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Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :
- a)General damages
- b)Special damages
- c)Nominal damages
- d)Vindictive damages
Correct answer is option 'B'. Can you explain this answer?
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Damages which an aggrieved party claim besides general damages for any...
Generally speaking, in case of breach of contract, a sum is awarded to restore the affected party to the economic position the parties expected to be in upon due and proper execution/ performance of the contract. However, it is not practically possible or viable to award damages in such manner and apply it as a straitjacket formula irrespective of the provisions of the contract. The affected party may claim damages with a view to restore itself to the economic position it occupied at the time of execution of the contract or to prevent the party in breach from being unjustly enriched. Apart from the above standard terms of contract, parties while executing modern day contracts agree for predetermined measure of damages in the form of "liquidated damages" to be paid upon breach of the contract by one of the parties. Usually, liquidated damages are quantified and limited to stipulated percentage of the contract value. However, merely because the parties agree to a maximum ceiling limit for claiming liquidated damages, that by itself does not preclude the parties from claiming or recovering damages on other accounts, if otherwise the contract provides for the same and the actual special damages suffered is much more
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Damages which an aggrieved party claim besides general damages for any...
Explanation:
Special damages refer to the additional damages that an aggrieved party can claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract. These damages are not awarded automatically and must be proved by the plaintiff.
Example: A company hires a contractor to complete a construction project by a specific date. The contractor breaches the contract and the project is delayed, causing the company to lose business. The company can claim general damages for the loss of business, but they can also claim special damages for any additional expenses incurred due to the delay, such as additional rent for a temporary location or overtime pay for employees.
Other types of damages:
- General damages: These are damages that are awarded for the loss suffered by the plaintiff as a direct result of the defendant's breach of contract, such as loss of profits or loss of reputation.
- Nominal damages: These are damages that are awarded to the plaintiff when there has been a breach of contract, but no actual loss has been suffered.
- Vindictive damages: These damages are awarded to punish the defendant for their wrongful conduct and to deter them from repeating the same conduct in the future. They are only awarded in exceptional cases where the defendant's conduct has been particularly egregious.
Conclusion:
Special damages are an important aspect of contract law as they allow the plaintiff to claim compensation for any additional losses incurred due to the defendant's breach of contract. It is important for the plaintiff to prove that these damages were foreseeable at the time of signing the contract and that they were a direct result of the defendant's breach.
Special damages refer to the additional damages that an aggrieved party can claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract. These damages are not awarded automatically and must be proved by the plaintiff.
Example: A company hires a contractor to complete a construction project by a specific date. The contractor breaches the contract and the project is delayed, causing the company to lose business. The company can claim general damages for the loss of business, but they can also claim special damages for any additional expenses incurred due to the delay, such as additional rent for a temporary location or overtime pay for employees.
Other types of damages:
- General damages: These are damages that are awarded for the loss suffered by the plaintiff as a direct result of the defendant's breach of contract, such as loss of profits or loss of reputation.
- Nominal damages: These are damages that are awarded to the plaintiff when there has been a breach of contract, but no actual loss has been suffered.
- Vindictive damages: These damages are awarded to punish the defendant for their wrongful conduct and to deter them from repeating the same conduct in the future. They are only awarded in exceptional cases where the defendant's conduct has been particularly egregious.
Conclusion:
Special damages are an important aspect of contract law as they allow the plaintiff to claim compensation for any additional losses incurred due to the defendant's breach of contract. It is important for the plaintiff to prove that these damages were foreseeable at the time of signing the contract and that they were a direct result of the defendant's breach.
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Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. Can you explain this answer?
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Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. 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 Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. 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 Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. Can you explain this answer?.
Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. 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 Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. 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 Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. Can you explain this answer?.
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Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Damages which an aggrieved party claim besides general damages for any loss he has suffered owing to special circumstances known to both the parties at the time of signing the contract are known as :a)General damagesb)Special damagesc)Nominal damagesd)Vindictive damagesCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
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