Types of Breach of Contract Damages
Compensatory – Compensation for the monetary loss sustained by the non-breaching party as a result of the breach.
Consequential – Damages caused indirectly due to the contract being breached. In other words, financial losses incurred by the non-breaching party as a consequence/result of the breach.
Injunctive Relief – A form of relief where, the breaching party is restrained from doing something, or ordered to do something. Generally, available in situations where there is a risk of irreparable harm to the interests of the non-breaching party and there is no remedy or an inadequate remedy available at law.
Specific Performance –When the breaching party is ordered to complete performance under the contract as originally agreed. This form of damages is only available under certain circumstances, where the goods are unique, one of a kind, and/or irreplaceable.
Liquidated Damages – This is an amount agreed upon in advance by the contracting parties that will be paid by the breaching party, if the contract is breached.