Business Law

Legal remedies available for breach of contract in business

1. Damages This is the most common remedy.The court orders the party who broke the contract to pay money to compensate for the loss caused. Types of damages: Ordinary (Compensatory) damages cover direct losses Special damages cover losses known to both parties at the time of contract Nominal damages small amount when no real loss

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1.What is business law and why is it important for running a…

Business law is essential for a successful business because it ensures fairness, safety, and legal protection. Without business law, a business may face legal problems and financial loss. Business law is important because: It makes business legalFollowing business law helps a business operate legally and avoid penalties or fines. It protects rights and dutiesBusiness law

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