If you are looking for contract law assignment help, then you have arrived at the right place. In this blog, you will get to know about breach of contract and it remedies.
What is a Breach of Contract?
A business contract imposes duties on the parties to the agreement, which they must meet. A "breach" of the contract is defined legally as one party's failure to perform any of its contractual duties. Depending on the facts, a party's failure to execute on time, in line with the terms of the agreement, or at all might constitute a breach. In order to determine the best course of action or "remedy" for the breach, a breach of contract will often be classified as either a "material breach" or a "immaterial breach."
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Solutions for Breach of Contract
An individual or company who violates a contract owes the other party to the contract relief (or a "remedy" under the law). The primary remedies for a contract breach are:
Ø Damages
Ø Cancellation and Restitution
Ø Specific Performance
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Damages
ü The purpose of compensatory damages is to restore the position that the non-breaching party would have been in if the breach had not taken place.
ü Punitive damages are sums of money that the violating party must pay in addition to the amount necessary to completely compensate the non-violating party.
ü When a breach occurs but no actual financial harm to the non-breaching party was demonstrated, nominal damages are token damages (small amounts of damages) that are given.
ü When a contract is broken, the parties may seek liquidated damages, which are certain damages that were previously specified by the parties in the contract.
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Cancellation and Restitution
In the event that non-breaching party has provided a benefit to the breaching party, the non-breaching party may opt to terminate the agreement and seek for compensation.
As a contractual remedy, "restitution" refers to restoring the non-breaching party to its pre-breach condition, whereas "cancellation" of the contract nullifies it and releases all parties from its terms and conditions.
Specific Performance
The non-breaching party may look for particular performance as an alternative remedy if damages are insufficient as a legal remedy. The most accurate definition of specific performance is the breaching party's court-ordered compliance with its contractual obligations.
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