BUSINESS ADMINISTRATION
BUSINESS LAW
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Detailed explanation-1: -A claim for specific performance under the Specific Relief Act can in my judgment co-exist with a claim for damages under the Indian Contract Act claim under one Act cannot preclude claim on the other so long as the requirements of the respective Statutes are satisfied.
Detailed explanation-2: -Compensatory Damages. Compensatory damages (also called “actual damages”) cover the loss the nonbreaching party incurred as a result of the breach of contract. The amount awarded is intended to make good or replace the loss caused by the breach.
Detailed explanation-3: -Punitive Damages: Damages designed to punish a wrongdoer and to deter similar conduct in the future. Such damages are generally not recoverable in breach of contract actions, unless the breaching party’s actions give rise to a separate tort claim.
Detailed explanation-4: -There are four types of damages which can be claimed by the aggrieved party. Ordinary Damages or General Damages. Exemplary or Vindictive Damages.