Contract Breach Compensation Quiz

What must be taken into account when estimating the loss or damage arising from a breach of contract?

What is a party entitled to receive in case of a breach of contract where a penalty is stipulated?

What does the ARBITRATION AND CONCILIATION ACT, 1996 focus on?

When did the Arbitration & Conciliation Act come into effect?

What happens when a person rightfully rescinds a contract?

What was the amendment year for the Arbitration & Conciliation Act?

What is the key feature of the amendment act mentioned in the text?

What does 'Arbitration' refer to?

What is required for an arbitration agreement to be valid based on the text?

Under section 8 of the Act, what power does a judicial authority have regarding arbitration agreements?

What is emphasized in the composition of an arbitral tribunal based on sections 10 to 12?

What change was introduced regarding time restrictions for arbitral tribunals under the amendment act?

What is the role of the conciliator as per section 67 of the Arbitration and Conciliation Act 1996?

In conciliation proceedings, when can the conciliator propose a settlement according to section 67?

How are settlement proposals made by the conciliator required to be communicated according to section 67?

According to section 73, when does a settlement agreement become final and binding on the parties?

What status does a settlement agreement hold as per section 74 of the Arbitration and Conciliation Act 1996?

Under which section of the Arbitration and Conciliation Act 1996 does a settlement agreement have similar effects to an arbitral award?

What is the entitlement of a person who rightfully rescinds a contract according to the text?

In the context of breach of contract, what compensation is a party entitled to receive if a sum is named in the contract for such breach?

What must be considered when estimating loss or damage from a breach of contract?

Under what circumstances is a party entitled to receive compensation for breach of contract regardless of proving actual loss?

What is a preferred option globally for settling commercial disputes quickly?

In conciliation proceedings, under which section of the Arbitration and Conciliation Act 1996 can the conciliator make proposals for a settlement of the dispute?

What status does a settlement agreement hold as per the Arbitration and Conciliation Act 1996?

If the parties reach an agreement on a settlement of the dispute, which section of the Act requires that they draw up and sign a written settlement agreement?

What type of proposals can the conciliator make for a settlement of the dispute in conciliation proceedings?

Under which section does the conciliator authenticate the settlement agreement reached by the parties?

What happens if the party initiating conciliation does not receive a reply within thirty days from sending the invitation?

Can an arbitration agreement be discharged by the death of a party involved?

What is the effect of disclosing the arbitral proceedings except for the award?

When can conciliation proceedings commence based on Section 62?

What is the course of action if one party rejects the invitation to conciliation based on Section 62?

How can conciliation proceedings be terminated as per the text?

What action must a conciliator take for the termination of conciliation proceedings to be justified?

What can result from a party unilaterally terminating conciliation proceedings?

What is the significance of not initiating arbitral or judicial proceedings during conciliation?

How does a company primarily communicate, as emphasized in the text?

What happens if the award is not made within six months?

Under what circumstances does an arbitrator terminate arbitral proceedings?

What is required to be included in an arbitral award under section 31?

When can an interim arbitral award be made by an arbitrator?

What is the status of an arbitration award on agreed terms?

What is the time limit to file a written claim and defense before an arbitral tribunal according to the amendment act?

Under the Arbitration and Conciliation Act 1996, what does 'Arbitration' encompass?

What is required for an arbitration agreement to be considered valid?

Which section of the Arbitration and Conciliation Act 1996 deals with the power of judicial authorities to refer parties to arbitration when an arbitration agreement exists?

What change was made regarding time restrictions for arbitral tribunals in international commercial arbitrations according to the amendment act?

According to section 19 of the ARBITRATION AND CONCILIATION ACT 1996, what is the stance of the arbitral tribunal on the Code of Civil Procedure and Indian Evidence Act?

In accordance with section 18, how are parties expected to be treated during an arbitral proceeding?

What power does the Arbitrator have in determining the admissibility, relevance, and weight of evidence, as per section 19?

According to section 23, what are parties required to submit within the specified time period?

In relation to the place of arbitration, what happens if parties fail to agree according to section 20?

Under section 23, what additional action can a respondent take besides submitting a statement of defense?

If parties cannot agree on the place of arbitration according to section 20, who ultimately determines it?

What is the significance of parties being free to agree on the procedure for conducting proceedings as per section 19?