11. Remedies

Question 1

What types of remedies are there for breaches of contracts?

Answer 1

Damages (monetary) if the loss is not too remote from the breach, and they have mitigated their losses and quantum of damages is assessed

Question 2

What is mitigation of loss?

Answer 2

The person which has made a loss due to someone else must take reasonable steps to mitigate this loss from going further

Question 3

What is quantum of damages?

Answer 3

The step of quantifying and assessing the loss in monetary terms

Question 4

What is restitution?

Answer 4

Is based on fixing unjust enrichment and will usually be awarded if one party benefited greatly from another party and they did not receive anything