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Answer to Question #50101 in Finance for abdulla sabit

Question #50101
Narrate the rules regarding the determination of amount of damages for breach of contract.
Expert's answer
Remedies for breach of contract and the type and amount of damages are amongthe more complex areas of English law – making the wrong move or decision,
where you are the innocent victim of a breach by the other party, can result in
your position being hugely prejudiced and possibly even mean that you end up in
breach and owing the other party !
Considering this at an early stage when thecontract is being drafted as well as urgently following a breach of contract,
could save your business from making a costly mistake. It is essential to take
steps prior to the signing of the contract to ensure you have considered what
your remedy will be in the event of a breach. You will need to estimate your
likely losses and ensure the contract protects your position as much as
possible.

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