Define: Loss Of Bargain

Loss Of Bargain
Loss Of Bargain
Quick Summary of Loss Of Bargain

Loss of Bargain, in UK law, refers to a compensable loss that occurs when a contract has been breached or misrepresented, resulting in one party losing the benefit or advantage they would have gained had the contract been fulfilled as intended. This concept is particularly relevant in contract law and is based on the principle that parties entering into a contract expect to receive the benefits promised by the other party. When a breach of contract occurs, the injured party may seek damages equivalent to the value of the lost bargain, aiming to place them in the position they would have been in had the contract been performed as agreed. Loss of bargain damages typically encompass the difference between the value of the promised performance and the actual performance received, as well as any consequential losses directly resulting from the breach. Courts assess loss of bargain damages based on the facts of the case, including the terms of the contract, the nature of the breach, and the extent of the losses suffered by the aggrieved party.

What is the dictionary definition of Loss Of Bargain?
Dictionary Definition of Loss Of Bargain

n. the inability to complete a sale or other business deal, caused by another’s breach of contract, intentional interference with one’s business, negligence or some other wrongdoing. The amount of monetary damages resulting from this loss can be determined in a lawsuit.

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This glossary post was last updated: 29th March, 2024.

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