Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › contract law damages
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Vijay.
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- April 26, 2021 at 6:32 pm #618901
Anonymous
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Hello Sir Vijay…
Can you plz explain to me the amount of damages in a contract law that can be measured in how many ways? In other words, explain the Damages and Remedies in breach of contract?
I needed specific Common Law & Other Common Law & Equity Law remedies for the damages in breach of contract?
I know few remedies by names such as remoteness of damages, measure of damages [where many other remedies are given under this title] & Quantum Meruit and many other which I am not really aware.
BUT I need to know all of them which is in the syllabus with their respective understanding.
May 4, 2021 at 9:33 am #619616Hi
So there are a number of different remedies available when there is a breach of contract.
The most common remedy is called Damages, which is where the court orders the Defendant to pay compensation for any losses suffered by the Claimant for breach. The courts use the remoteness of damages to identify which remedies are reasonable and which are not. There are 2 other common law remedies called Action for Price and Quantum Meruit.
If Damages are not adequate then the court has a discretion to consider alternative remedies for example there are 3 equitable remedies 1) Specific Performance, 2) Injunctions and 3) Recission.
I would advise that you prioritise Damages including remoteness and measure. You should also prioritise the 3 equitable remedies of Specific Performance, Injunction and Rescission.
I hope this helps clarify. You can also watch the lecture recordings which should clarify more.
Kind regards,
Vijay
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