Explain the Principles Associated with Lyell, Smith, Hutton, and Steno

question 53

Essay

Explain the Principles associated with Lyell, Smith, Hutton, and Steno.

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Definitions:

Incidental Damages

Additional expenses or losses suffered by a party due to another party's breach of contract, beyond the direct damages.

Consequential Damages

In a contract, foreseeable damages that result from special facts and circumstances arising outside the contract itself. The damages must be within the contemplation of the parties at the time the breach occurs. Also called special damages.

Remedial Damages

Compensation aimed at remedying or compensating for a harm or injury suffered by the plaintiff, often used interchangeably with compensatory damages in a different context.

Substitute Goods

Products or services that can be used in place of each other, where an increase in the price of one leads to an increase in demand for the other.