Write a 3 page essay on Business Lawl.
When one of the parties failed to perform his or her obligation in a valid contract where he or she freely entered, he or she can be held liable for breach of contract. Breach of contract is an actionable tort and the party at fault can be held liable for the payment of damages for the loss suffered by the plaintiff.
There are mainly two kinds of losses: actual and nominal. Actual losses are those that can be established by computation or estimation. Even if there is no actual loss, the claimant can still be entitled to nominal loss with the fact that a breach was made. The claimant should prove the losses suffered by him or her through presentation of evidences or documents because of the legal maxim that “he who asserts must prove”.
In this case, Jettison could only be liable for the actual loss suffered by the lessor when it breached the contract. The actual loss is $12,000, which is the expected amount of the lease payments for the remainder of the contract which is one (1) more year.
An employment contract must also contain the essential requisites of an ordinary contract to be legally binding.
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