Final answer:
The statement is false. In contract law, damages are meant to compensate for the loss of a bargain, aiming to fulfill the expectation of the injured party based on the agreement.
Step-by-step explanation:
The statement that in contract law, damages compensate for harm suffered as a result of another’s wrongful act, and not for the loss of a bargain, is false. Damages in contract law are indeed meant to compensate for the loss of a bargain, not just any harm suffered. This is a fundamental principle in contract law that aims to put the injured party in the position they would have been in had the contract been performed as agreed. In legal terms, this is often referred to as an award for expectation damages, which is different from tort law where damages generally compensate for a harm or injury.