BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -"1193. Plaintiff’s duty to mitigate loss. The plaintiff must take all reasonable steps to mitigate the loss which he has sustained consequent upon the defendant’s wrong, and, if he fails to do so, he cannot claim damages for any such loss which he ought reasonably to have avoided."

Detailed explanation-2: -The duty of a plaintiff to mitigate its damages is a long-standing tenet of contract law. In effect, if an injured party can reduce the harm to it as a result of the breaching party’s conduct, then it has a legal obligation to do so.

Detailed explanation-3: -Mitigation of damages is a contract law concept that arises if a contract is breached. It means that the non-breaching party to a contract may be required to take steps to minimize their losses after the other party breaches the contract.

Detailed explanation-4: -For example, if a tenant abandons their lease, a landlord has duty to mitigate damages caused by the breaching tenant. In this case, the mitigation of damages doctrine imposes a duty on the landlord to try to find a new tenant and re-rent their property.

Detailed explanation-5: -a party injured by a breach of contract is required by law to take reasonable steps to minimize the harm done. Statutes in all states deny any remedy if suit is not brought within a certain time after a legal claim arises.