Question

What are the remedies for breach of contract?

What are the remedies for breach of contract?

Homework Answers

Answer #1

following are the remedies of breach of contract-->

  • money damages- in this the money is given as a compensation to the party for the financial loss.
  • Restitution-it is a remedy which is formulated prior to contract which is designed to restore the party which affected by the loss.
  • rescission- it cancels the contract it restores the party to the point from wherere they were before the contract.
  • reformation- it is the remedy in which the substance of a contract is changed by the court of law to correct inequities that were suffered
  • specific performance- In this type of remedy the court of law orders one party to do a specific act.
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Discuss remedies for breach of contract. What is the proper calculation of damages?
Discuss remedies for breach of contract. What is the proper calculation of damages?
Explain the three remedies available for the breach of real estate contract
Explain the three remedies available for the breach of real estate contract
What are the 4 types of remedies for contract breach? What are the 3 elements that...
What are the 4 types of remedies for contract breach? What are the 3 elements that every construction project consist of? What is the economic loss rule? Does the ruling in such cases apply equally from state to state, or do they vary?
Remedies that an innocent party can seek on the breach of a contract include rescission. true...
Remedies that an innocent party can seek on the breach of a contract include rescission. true and false
7) With regard to remedies available for breach of contract, when would compensatory, liquidated damages, or...
7) With regard to remedies available for breach of contract, when would compensatory, liquidated damages, or consequential damages apply and when might an injured party seek specific performance? Also discuss mitigation. Search entries or author
The breach of a warranty in a contract allows for which of the following remedies? Select...
The breach of a warranty in a contract allows for which of the following remedies? Select one: a. The non-breaching party can terminate the contract and/or sue for damages b. The non-breaching party can rescind the contract c. The non-breaching party is entitled to sue for damages d. The non-breaching party can terminate the contract only if the subject is rare or unique Which of the following statements is not true with respect to arbitration proceedings? Select one: a. An...
Discuss the formation, performance, and remedies for breach of sales and lease contracts.
Discuss the formation, performance, and remedies for breach of sales and lease contracts.
The principal has several remedies available, including ___ for breach of fiduciary duties and ___ remedies...
The principal has several remedies available, including ___ for breach of fiduciary duties and ___ remedies if the agent engages in misrepresentation, negligence, deceit, libel, slander or trespass. Anything that the agent obtains by virtue of the agency relationship belongs to the ___ and will be considered held in ___ for the principal. If the agent breaches the agreement, the principal also has a right of ___. Finally, if the principal is sued for the agent’s negligent conduct, the principal...
Contract breach
Contract breach
What is the standard for an award of punitive damages for a contract breach
What is the standard for an award of punitive damages for a contract breach