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Unit 21 - Aspects of Contract and Business Law - P7 M3

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*Download will include more detailed speaker notes* A well written, detailed assignment which meets the criteria for P7 and M3 - Unit 21 Aspects of Contract and Business Law. BTEC Level 3 Extended Diploma in Business. P7 - Describe the remedies available for breach of contract. M3 - Analyse the r...

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  • January 21, 2017
  • 21
  • 2016/2017
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  • Ccunningham

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Aspects of Contract and Business
Law

Task 4 – P7 M3
Conor Cunningham

,P7
In preparation for the training you are also required to:

• Prepare presentation slides with speaker notes, which
describes in detail the remedies and damages available for
breach of contract. For example, damages, liquidated and
unliquidated, mitigation of loss, rejection, lien, resale,
reservation of title, injunction, specific performance. (P7)
• In your presentation you need to demonstrate an
understanding of the distinction between ownership and
possession. The idea of damages as compensation for loss,
which losses can be claimed and which are too remote
should also be mentioned.

, Damages
Damages in another word for compensation. It is the money one
party has to pay back to the other if they breach the contract
and cause loss of something to the other party.
There are to type of damages which are;
• Liquated damages; When the parties involved have already
agreed on specific damages, prior to the breach of contract
• Unliquidated damages; When there hasn't been any
agreement made on how much damages should be paid if the
contract is to be breached

, Remedies
There are many different remedies that are
available for breach of contract. Some of these
include;
• Mitigation of loss
• Rejection
• Lien
• Resale
• Reservation of title
• Injunctions
• Specific performance

, Mitigation of loss
When there has been a contract that has been breached, it is the
duty of the innocent party to mitigate the loss. They cannot
allow their situation to get worse or purposely allow the
condition to cause more complications.

Mitigation is the idea when a person will try and get as much of
their loss as possible. For example, if an employee injures
them self at work, they must report this as soon as possible
and not allow the injury to become more of a poorer
condition in order to receive more compensation.

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