Calculation of damages on account of defective goods

May
2
2017


Delhi High Court in the matter of Thyssen Krupp Materials Vs Steel Authority of India; FAO (OS) 150/2002 held that Section 73 of Indian Contract Act stipulates the rule of damages for breach of contract, aimed at compensating the injured party, as far as money can, by placing him in as good situation as if the contract had been performed. In regard to defective goods, the measure of damages is usually the price paid for the defective goods to the seller reduced by the price received when such defective goods are sold by the buyer.




Principles of grant of damages under Section 73 and 74 of the Indian Contract Act, 1872

Mar
2
2014


Sections 73 and 74 of Contract Act contemplates that in a contract the party who suffers by such breach is entitled to receive compensation for any loss which naturally arises in the usual course of things from such breach.




Principles governing grant of damage for breach of contract

Feb
21
2014


In the judgment as passed by the Supreme Court in Oil & Natural Gas Corporation Ltd. vs. SAW Pipes Ltd. [AIR2003SC2629] dated 17.04.2003 the Court dealt with the issue relating to determination of compensation for loss and damage caused due breach of contract vis-à-vis scope of Sections 73 and 74 of the Indian Contract Act








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