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Remedy is a compensation given to the injured party to the position that he was before the loss. Their are two categories of remedy namely:
In a legal sense is a sum of money the law imposes from a breach or violation of some right.
Certain kinds of damages recognized by law includes:
A. Compensatory Damages: Bringing or putting the injured back to his/her position is called compensatory damages. The compensatory damages is sub divided into two viz:
i) General damages: when a claim arises from the general instead of the remote cause of the event, it gives rise to general or ordinary damages.
ii) Special damages: these are consequential damages caused by the breach of a contract due to the existence of special circumstances.
B. Vindictive damages: when a breach of contract does not only give rise to only monetary loss but also mental and psychological term, it is called Vindictive damages.
C. Nominal damages: they are light type of damages. You don't have to go to extra lengths just to prove you incurred a loss.
D. Liquidated damages/penalty: this arises if a. Specific sum is fixed as penalty for a brach of contract, at the occurrence of that breach, the fixed sum will be liquidated. The purpose for liquidate damage is in 2 folds viz;.
• To discourage people from breaching terms of a contract.
• To compensate the injured party for the loss suffered arising from a breach of the contract.
DUTIES TO MITIGATE DAMAGES SUFFERED.
Each party in a contract has a duty to take steps to mitigate the damages he/she is likely to suffer arising from the breach of contract. In other words, that party will not sit down idle and let the damages accumulate.
The legal way to stop an act which could lead to damages is by going to the court to seek an injunction. An injunction is an order of a court to a person to carry out a particular duty or to stop a particular wrongful act. We have different types of injunction:
i) Prohibiting injunction.
ii) Mandatory injunction.
iii) Perpetual injunction.
iv) Interim injunction.
v) Interlocutory injunction.
vi) Quia timet injunction.
vii) Exparte injunction.
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