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  • The party committing the breach of contract is called the ‘guilty’ or ‘defaulting’ party
  • ƒRescission means a right not to perform the obligation
  • ƒDamages means monetary compensation for the loss suff ered
  • ƒDamages = Contract price - Market price of goods on date of breach
  • ƒNo damages can be claimed for indirect losses
  • ƒThe special damages are due to some special or unusual circumstances
  • ƒDamages for mental or emotional suff ering are called exemplary or vindictive damages
  • ƒNominal damages are damages for the namesake only
  • ƒThe terms liquidated damages and penalty is essentially British terms and the distinction in their meaning is relevant under the English law only. In India, no such distinction is made
  • ƒThe term quantum meruit means as much as merited or as much as earned
  • ƒSuit for injunction means demanding the Courts stay order
  • ƒEarnest money is a part of the purchase price whereas security deposit is not a part of purchase price

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