Which of the following is incorrect in relation to remedies for breach of contract?

Equitable remedies are only available if the common law remedy of damages is inadequate.

A victim of a breach of contract may fail to recover damages if he has failed to mitigate his loss.

Damages cannot be recovered for losses over and above those arising naturally from the breach.

Contracting parties are bound by liquidated damages clauses so long as they are genuine attempts to pre-estimate the loss caused by a breach of contract.