Mississippi Jury Instruction - Liquidated Damages - Breach of Contract
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FAQ
2006) (The elements of a breach of contract claim are: (1) the existence of a valid contract; (2) the plaintiff's performance or tendered performance; (3) the defendant's breach of the contract; and (4) damages as a result of the breach.)
The common consequence is reduction of the contract price, remedy of the defect, compensation for damage and interest for delay. It is only possible to rescind the contract when the breach is fundamental. The parties may also agree on the consequences of the breach of agreement when making a contract or separately.
The party who is injured by the breach of contract may bring an action of breach of contract either by remedy of specific performance or the damages available such as general or liquidated damages, nominal damage (no loss situation), compensatory, punitive and specific.
A breach of contract occurs when one party in a binding agreement fails to deliver according to the terms of the agreement. A breach of contract can happen in both a written and an oral contract.There are different types of contract breaches, including a minor or material breach and an actual or anticipatory breach.