Understanding Remedies for Breach of Contract

The video tutorial discusses the breach of contract and the subsequent actions that can be taken. It explains how parties often negotiate to resolve breaches but may resort to mediation, arbitration, or court. The court can award various damages, including compensatory, liquidated, and nominal damages. Compensatory damages include actual and consequential damages, while liquidated damages are pre-determined amounts in contracts. Nominal damages are symbolic when actual losses are minimal. The court also has equitable powers to ensure fairness, such as rescinding contracts or ordering restitution.

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