Template:Loss v damages: Difference between revisions

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 :“'''Direct'''” losses, that are the natural and foreseeable consequence of breach of contract.
 :“'''Indirect'''” or “'''consequential'''” losses, which are a more speculative nature.
-:“'''[[Account for profit]]'''”, which is an order than a wrongdoer hands over actual profits from a breach of duty to a property owner. These are available in trust and agency scenarios, and for misuse of physical or intellectual property, but are ''not'' a remedy for breach of contract.
 Note that “'''[[loss of profit]]'''” and “'''[[loss of opportunity]]'''” are not judicially recognised categories of loss: they can be either ''direct'' — for example, foregone [[interest]] on a defaulted payment — or ''indirect'' — the winnings you would have got from putting that defaulted payment on a rank outsider who came good in the 2:35 at Kempton — but if in doubt (i.e., not a natural consequence of the breach) assume they will be indirect
-'''[[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:
+'''[[Damages]]''' are the amounts a court orders a naughty counterparty to pay to an innocent to ''compensate'' for its loss of bargain (in a contract) or ''atone for its wrongdoing'' (in a [[tort]] or [[breach of trust]]). They may, or may not, be the same amount as the actual losses suffered:
-:“'''[[General damages|General]]'''” damages, if they compensate for [[direct loss|direct losses]].
+:“'''[[General damages|General]]'''” damages compensate for [[direct loss|direct losses]].
-:“'''[[Special damages|Special]]'''” damages, if they relate to [[indirect loss|indirect losses]]. Awards of [[special damages]] are rare in contract cases, even when they are not specifically excluded by contract which, in the world of finance, they usually are.
+:“'''[[Special damages|Special]]'''” damages relate to [[indirect loss|indirect losses]]. They are rare in contracts, even when not specifically excluded which, in finance contracts, they usually will be.
-:[[Exemplary damages|“'''Punitive'''” or “'''exemplary'''”]] damages, that do not compenstate for loss at all, but rather punish a wrongdoer for outrageous behaviour. These are not available under English law for breach of contract, but may be awarded — extremely rarely — in cases of tort, or breach of [[trust]].
+:[[Exemplary damages|“'''Punitive'''” or “'''exemplary'''”]] damages do not compenstate for loss at all, but rather punish a wrongdoer for outrageous behaviour. These are not available under English contract law but may be awarded — extremely rarely — in tort or for breach of [[trust]].
+:There is also an “'''[[Account for profit]]'''”: an order to hand over profits made through the misuse of someone else’s physical or intellectual property. This remedy is ''not'' available for a simple breach of contract.
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