In an ideal business world, agreements would be entered into, all the parties would perform, and there would be no problems. But in the real business world, contract disputes are too common. If you or your business has entered into an agreement that has been breached by the other party, you may be entitled to certain remedies. At the Firm, our attorneys will aggressively fight for the remedies to which you are entitled under the law.
The main remedies for a breach of contract are (1) damages, (2) specific performance, and (3) cancellation and restitution.
Damages is one of the most common remedies sought in a breach of contract claim. This remedy involves payment in one form or another made by the breaching party to the non-breaching party. There are different types of damages depending on the kind of breach that has occurred. They include:
- Compensatory damages
- Punitive damages
- Nominal damages
- Liquidated damages
In a situation where damages are inadequate as a legal remedy, the non-breaching party may seek an alternative remedy called specific performance, where the court orders the breaching party to perform under duty of the contract.
Cancellation and Restitution
A non-breaching party may cancel the breached contract and sue the breaching party for restitution if the non-breaching party has given a benefit to the breaching party. “Restitution” refers to putting the non-breaching party back in the position it was in prior to the breach. “Cancellation” voids the contract and relieves all parties of any further obligation.
To learn more about what remedies you may be entitled to under the law in a breach of contract claim, contact the lawyers at the Daily Aljian LLP by calling 949-861-2524.