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''[[Losses]]'' are pecuniary misfortunes that you might suffer as a result of a breach of contract. They can be divided into ''direct'' losses and ''indirect'', or ''consequential'' losses. | ''[[Losses]]'' are pecuniary misfortunes that you might suffer as a result of a breach of contract. They can be divided into ''direct'' losses and ''indirect'', or ''consequential'' losses. | ||
''[[Damages]]'' are the | ''[[Damages]]'' are the amounts a court orders a naughty counterparty to pay to an innocent one as ''compensation'' for its loss. They may, or may not, be the same amount as the actual losses suffered. | ||
Damages may be ''general'', if they compensate for direct losses, or special, if they relate to indirect losses. (There are also [[Exemplary damages|“punitive”, or “exemplary” damages]], but ''these are not available under English law for breach of contract''. | Damages may be ''general'', if they compensate for direct losses, or special, if they relate to indirect losses. (There are also [[Exemplary damages|“punitive”, or “exemplary” damages]], but ''these are not available under English law for breach of contract''. | ||
[[Special damages]], as compensation for [[indirect loss|indirect losses]], are extremely rare in contract — when they are not ruled out explicitly which, in the world of finance, they usually are. | [[Special damages]], as compensation for [[indirect loss|indirect losses]], are extremely rare in contract — when they are not ruled out explicitly which, in the world of finance, they usually are. | ||
{| class="wikitable" | |||
|+ Contractual losses and damages, charted | |||
|- | |||
! Thing being compensated for !! General Damages !! Special Damages !! Exemplary Damages | |||
|- | |||
| [[Direct loss]] || Yes. || No. || No. | |||
|- | |||
| [[Consequential loss|Indirect]]/[[Consequential loss|consequential loss]]|| No. || Yes. But unlikely. || No. | |||
|- | |||
| Outrageous behaviour|| No. || No. || No. Not available under contract in any cases. | |||
|} |