Choose: incidental damages, nominal damages, compensatory damages, consequential damages
1. _________: A money award equivalent to the actual value of injuries or damages sustained by the aggrieved party
2. ________: A small monetary award (often $1) granted to a plaintiff when no actual damage was suffered or when the plaintiff is unable to show such loss with sufficient certainty
3. ___________: expenses that are caused directly by a breach of contract, such
as those incurred to obtain performance by another source
4. _____________: Special damages that compensate for a loss that is not direct or immediate (for example, lost profits). The special damages must have been reasonably foreseeable at the time the breech or injury occurred in order for the plaintiff to collect them.
Which type of an agreement can be avoided by both parties of it?
A voidable agreement may be defined as an agreement that may be revoked by either of the parties to the agreement due to various legal reasons. Such an agreement, when enforceable by law, shall be termed as a contract voidable at the option of a party.
When both parties to a contract are mistaken?
When both parties to a contract are mistaken as to the same material fact, the contract cannot be rescinded by either party. To commit fraudulent misrepresentation, one party must intend to mislead another.
When both parties are mistaken about a material fact?
A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract. They are at cross-purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable.
Can a contract be avoided if there is a mistake of law?
The Latin maxim ignorantia juris non excusat means that ignorance of the law is no excuse. Therefore under section 21 of the Indian Contract Act, 1872, a contract cannot be said to be voidable due to the mistake of the parties in understanding any laws that are in force in India.