What is the term for compensation awarded for breach of contract?

The term for compensation awarded for breach of contract is "damages." In legal terms, damages refer to the monetary compensation that a party can claim in a lawsuit if they have suffered a loss due to another party's failure to fulfill their contractual obligations. The purpose of awarding damages is to put the injured party in the position they would have been in had the contract been performed as agreed.

Damages can take various forms, such as compensatory damages, which cover direct losses and any consequential losses that result from the breach. In some cases, punitive damages may also be awarded, serving as a punishment to the breaching party and a deterrent for future misconduct.

Other terms mentioned, such as rewards, emoluments, and settlements, do not accurately capture the legal concept of compensation related specifically to breaches of contract. Rewards typically refer to compensation for achievements or services rendered, emoluments are payments made for work or services often in the form of salary or fees, and settlements are agreements reached between parties to resolve a dispute without going to trial. Thus, damages is the precise and appropriate term in the context of contract law.