Question

What are different damages under the contract act?

Answer 1

A contract is an agreement that is usually between two parties. Contracts typically outline the rules that each party must follow; if a party fails to do what they said they would, the other party may be entitled to compensation.
In some cases, when a party breaks their promise, known as breach of contract, the damage done to the other party is minimal. In these cases, remedies may include specific performance, contract rescission, or contract modification.
However, in other cases, the damage can be extensive. This means the breaching party may be ordered to pay a large sum of money, known as damages, to help bring the injured party back to where they were before the breach of contract.

Answer 2

In law, damages are an award, typically of money, to be paid to a person as compensation for loss or injury.[1] The rules for damages can and frequently do vary based on the type of claim which is presented (e.g., breach of contract versus a tort claim) and the jurisdiction.
At common law, damages are categorized into compensatory (or actual) damages,[2] and punitive damages.[3] Compensatory damages are further categorized into special damages, which are economic losses such as loss of earnings, property damage and medical expenses, and general damages, which are non-economic damages such as pain and suffering and emotional distress.[4]