When it comes to breach of contract lawsuits, one of the most common questions that people ask is what type of damages they might be able to recover. While the answer to this question can vary depending on the specifics of the case, there is one type of award that is particularly common in breach of contract actions: monetary damages.
Monetary damages are a type of compensation that is awarded to the injured party in a breach of contract lawsuit. Essentially, they are intended to put the injured party in the same financial position that they would have been in if the contract had been fulfilled as originally intended. There are several types of monetary damages that can be awarded in a breach of contract action, but some of the most common include:
1. Compensatory damages: These are damages that are intended to compensate the injured party for any financial losses that they suffered as a result of the breach of contract. For example, if a contractor fails to finish a construction project on time, the owner of the property might be able to recover compensatory damages to cover the cost of any additional expenses, such as hiring a new contractor or paying for materials that were not used.
2. Consequential damages: These are damages that are intended to compensate the injured party for any indirect or consequential losses that they suffered as a result of the breach of contract. For example, if a business fails to deliver a product on time, the customer might be able to recover consequential damages to cover any lost profits or other damages that result from the delay.
3. Punitive damages: These are damages that are intended to punish the party that breached the contract for their actions. While punitive damages are less common in breach of contract actions than in other types of lawsuits, they can be awarded in cases where the breach was particularly egregious or intentional.
In most breach of contract actions, the injured party will seek to recover compensatory damages as the primary form of compensation. These damages are typically based on the actual financial losses that the injured party suffered as a result of the breach of contract, so they can vary widely depending on the specifics of the case.
Ultimately, the type and amount of damages that are awarded in a breach of contract action will depend on a variety of factors, including the specifics of the contract itself and the nature of the breach. If you are involved in a breach of contract lawsuit, it is important to work with an experienced attorney who can help you understand your options and advocate for your rights.