Having your own business or organization comes with various risks. You never know when you might let in the wrong person inside. You make a contract with a party, hoping that they will adhere to the clauses mentioned. However, they conduct a breach of contract, resulting in losses of thousands of dollars for your business. This is a nightmare.
If someone breaches a contract with you, you should not let them go without being paid for your losses. You deserve justice, and you can get it by filing a claim or exploring your legal options. Compensation can vary from a sum of money to enforcement of the contract. To know more and speak to an attorney, click here.
Remedies available for breach of contract
- Rescission of contract.
The most obvious remedy to the breach of contract is the rescission of the contract, which means to cancel it. You can talk to the other party and discuss the issues that led to the breach. After that, with a mutual agreement of all the parties involved, you can cancel the contract, which means it becomes non-enforceable from that moment onwards. None of the parties from then are bound to the contract and are free.
- Sue for damages.
Since the breach of a contract essentially means that one party has broken the rules, they become legally liable to compensate the other party if the broken rule or broken promise has caused the other party some loss. Sometimes, the parties involved in the contract will sit and decide the amount payable, while in other cases, the court decides the amount by calculating the damages.
- Specific performance.
Specific performance is a type of remedy where the court orders the party who has conducted the breach to fix the issue or resolve the problem by performing their part of the job or their duties or their end of the bargain. This can also be termed as undoing the breach. However, monetary compensation is preferred more than specific performance. In some cases where money cannot repay the damage caused, specific performance may be employed.
- Injunction.
An injunction is when the court orders one party to stop an action or a certain set of actions related to the contract. For example, if there is a contract between a seller and a dealer, the court may ask the parties to pause the selling and buying procedures during the hearings of the case or until the problem is resolved.
If you are a business owner and you are facing a breach of contract in your organization, hire a business lawyer today.
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