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Part XI Remedies for Breach of Contract, 44 Damages

From: Global Sales and Contract Law (2nd Edition)

Ingeborg Schwenzer, Edgardo Muñoz

Content type:
Book content
Product:
International Commercial Law [ICML]
Published in print:
14 June 2022
ISBN:
9780198871255

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 25 March 2023

Subject(s):
Avoidance of damages — Calculation of damages — Liquidated or agreed damages — Penalty clauses and damages — Delivery and damages — Exclusion or limit of liability — Price and damages — Remoteness and damages — Specific performance and damages — Types of loss and damages

This chapter expounds on the concept, causation, foreseeability, and compensation of damages. The purpose of damages for breach of contract is traditionally understood to compensate losses. In some countries, the law of damages also serves a preventive function is reinforced by legal systems. However, true punishment is still found in private law. The chapter explains the methods of calculating and mitigating the extent of damages. Agreed sums payable upon breach of an obligation are a frequent feature in sales contracts and codifications in civil law systems. The three functions of agreed sums are deterrent to breach, compensation, facilitating the recovery of losses.

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