Question

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?

Answer 1

Remedies for contract breach are as following- award of damages, specific performance, rescission and restitution.

These elements of construction project are,

1. Scope- Development and management of clear scope of work is inevitable for the success of the project.

2. Schedule- It is the timeline and is decided once the scope is established.

3. Budget- It is process of deciding the budget for the project completion. The above two steps once done, makes the budget making easier.

Economic loss rule is that when two parties have contractual relationship, the rule prevents one party from bringing a negligence action against the other over the first party's defeated expectations. This rule is stated by Hadley and Howard as per the Annett Holdings, Inc.

The rule varies from state to state and cannot be generalized across states.