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What are common and equitable remedy for breach of the contract?
Wiki User
∙ 12y ago
There are several:
1. Recission, where the contract is cancelled, both parties excused, and any advance payments are returned,
2. Reformation, where the contract is altered to reflect what was actually intended,
3. Specific performance, where the court orders that the exact terms of the contract are executed,
4. Compensatory damages, to cover losses incurred as a result of non-performance,
5, Consequential and incidental damages, to cover "forseeable losses" as a result of the breach
6. Punative damages, to punish a person for willfull breach
7. Liquidated damages, those specified in the contract if the terms are not met.
Wiki User
∙ 12y ago
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What is the equitable remedy of Specific Performance?
Specific performance is a legal remedy in which a court orders a party to perform a specific act, usually related to a contract. It is typically used when monetary damages are inadequate to fully compensate the injured party, and the subject matter of the contract is unique, such as real estate. This remedy is discretionary and may be granted if the court determines it is appropriate under the circumstances.
Is monetary damages an equitable remedy under contract law?
They are normally considered an equitable remedy. In some cases there may be more equitable methods of compensation.
Is recission a legal or an equitable remedy?
Rescission is considered an equitable remedy. It allows a contract to be cancelled and parties to be restored to their pre-contractual positions. It is typically granted by a court to prevent unjust enrichment or unfair outcomes.
Can you have a minor arrested for breaking contract?
Generally, you can't have anybody arrested for a breach of contract. The usual remedy is to sue for damages in a civil action.
What can you do for a breach of a contract?
There are several: 1. Recission, where the contract is cancelled, both parties excused, and any advance payments are returned, 2. Reformation, where the contract is altered to reflect what was actually intended, 3. Specific performance, where the court orders that the exact terms of the contract are executed, 4. Compensatory damages, to cover losses incurred as a result of non-performance, 5, Consequential and incidental damages, to cover "forseeable losses" as a result of the breach 6. Punative damages, to punish a person for willfull breach 7. Liquidated damages, those specified in the contract if the terms are not met.
Can Any breach allows the breaching party to sue for damages?
No. Most contracts have some kind of remedy for breaches built into them, but, if yours does not, you still have to show how the breach caused you a financial loss (damages). Without a remedy in the contract itself, your chance at receiving damages is pretty small.
What can an equitable remedy do?
An equitable remedy can provide fair and just resolutions in legal disputes where monetary damages may not be enough. This can include actions such as specific performance, injunctions, or restitution, which aim to restore parties to a position of fairness or prevent unjust enrichment. Equitable remedies are often sought when traditional legal remedies are inadequate.
What agreements are contract?
A contract is a legally enforceable agreementbetween two or more parties with mutual obligations. The remedy at law for breach of contract is "damages" or monetary compensation. In equity, the remedy can be specific performance of the contract or an injunction. Both remedies award the damaged party the "benefit of the bargain" or expectation damages, which are greater than mere reliance damages, as in promissory estoppel.
What can you tell me about unjust enrichment?
Unjust enrichment is when a party wrongfully profits from a breach in contract. The contractual remedy is restitution during which the innocent party will receive the damages of the contract along with the unjust enrichments of the breaching party.
What is the aim of a payment of damages for breach of contract?
The measure of damages in a claim for breach of contract is that sum that would place the Plaintiff (the aggrieved party) in the same position as he/she/it would have been had the contract been performed by the breaching party. This is most frequently meaured in terms of money, but under certain circumstances, the remedy for breach may be "specific performance"--in other words, getting the court to order the breaching party to actually do that which he/she/it promised to do.
What is reliance interest and expectation interest?
Reliance interest is the losses which the innocent party has sustained as a consequence of relying on the wrongdoer's promise. The plaintiff is put back in the pre-contract position, that is, before they sustained losses. This remedy for breach is only used when it is impossible to prove or quantify the expectation interest. Expectation interest is where the court grants the innocent party the amount that they would have gained if the contract had not been breached by the wrongdoer. This is the standard remedy for breach of a contract because it includes restitution and reliance.
Is a broken contract theft by conversion?
No, the two are completely different legal concepts and have nothing to do with one another. A broken, or breach of contract falls under the law on contracts. Conversion, or civil theft, falls under the law of torts. The remedy for a breach of contract is to give the non-breaching party damages so that he gets the benefit of his original bargain. The remedy for conversion is compensatory damages in the amount of the value of the item converted plus, perhaps punitive damages, since conversion is an intentional tort.
