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    Remedies For Breach of Contract

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    serenitybeacon
    An injured party has several remedies for a breach of contract, including rescission of the contract, damages, quantum meruit, specific performance, and injunction. Rescission cancels the contract and discharges both parties' obligations, allowing the injured party to claim compensation. Damages are monetary awards intended to compensate for losses from the breach. Specific performance requires the breaching party to fulfill their contractual obligations. An injunction orders the defendant not to take actions that would harm the plaintiff.

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    Remedies For Breach of Contract

    Uploaded by

    serenitybeacon
    153 views14 pages
    An injured party has several remedies for a breach of contract, including rescission of the contract, damages, quantum meruit, specific performance, and injunction. Rescission cancels the contract and discharges both parties' obligations, allowing the injured party to claim compensation. Damages are monetary awards intended to compensate for losses from the breach. Specific performance requires the breaching party to fulfill their contractual obligations. An injunction orders the defendant not to take actions that would harm the plaintiff.

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    Remedies for Breach of Contract

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    An injured party has several remedies for a breach of contract, including rescission of the contract, damages, quantum meruit, specific performance, and injunction. Rescission cancels the contract and discharges both parties' obligations, allowing the injured party to claim compensation. Damages are monetary awards intended to compensate for losses from the breach. Specific performance requires the breaching party to fulfill their contractual obligations. An injunction orders the defendant not to take actions that would harm the plaintiff.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    153 views14 pages

    Remedies For Breach of Contract

    Uploaded by

    serenitybeacon
    An injured party has several remedies for a breach of contract, including rescission of the contract, damages, quantum meruit, specific performance, and injunction. Rescission cancels the contract and discharges both parties' obligations, allowing the injured party to claim compensation. Damages are monetary awards intended to compensate for losses from the breach. Specific performance requires the breaching party to fulfill their contractual obligations. An injunction orders the defendant not to take actions that would harm the plaintiff.

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    BUSINESS LEGISLATION…

    PRESENTATION
    ON
    REMEDIES FOR BREACH
    OF CONTRACT
    Krishman Singh
    IITTM…
    MEANING…

    A breach of contract discharges the promisee


    from his obligation of performing the contract.
    At the same time, the law provides certain
    remedies to the promisee, i.e the injured
    party against the promisor to enforce his
    rights under the contract.
    An Injured party has one or more of the
    following remedies……

    * Suit for Rescission of the contract


    • Suit for Damages
    • Suit for Quantum Meruit
    • Suit for Specific Performance
    • Suit for Injunction
    Rescission of the Contract

    Rescission of contract means ‘Cancellation’ or putting


    an end to a contract. When promisor makes a breach
    of contract, the promisee may rescind the contract.
    The aggrieved party is discharged from all obligations
    under the contract. He is also entitled to claim
    compensation of damages caused to him due to the
    non-performance of the contract.
    Effects of Rescission
    Restitution
    • Returning of goods or property received from the other
    party to rescind a contract.
    • If the actual goods or property is not available, a cash
    equivalent must be made.

    Right to compensation for damages


    Sec.75, When a person rightfully rescinds a contract is
    entitled to compensation for any damage which he has
    sustained through the non-fulfillment of the contract.
    Suit for Damages
    Damages are the monetary award granted to an
    aggrieved party for the breach of contract.
    Damages may be ordinary, special, exemplary or
    nominal.
    Damages are awarded for compensation of loss
    caused to the aggrieved party & not as
    punishment to the party at default.
    Damages

    Nominal Ordinary Exemplary


    (No actual loss (Usual remedy) (punitive)
    suffered)

    General Special
    Monetary Damages
    Damages refer to the monetary, property, or
    personal losses suffered by the plaintiff.

    Compensatory Damages
    Compensatory damages are designed to restore
    the plaintiff to his or her original condition, or
    to reimburse the plaintiff for her expenses.
    Punitive Damages
    • Punitive damages are rare in contract cases.
    • An award of punitive damages is the jury’s
    way of punishing the defendant for some
    action.
    Nominal Damages
    Nominal damages refer to an award of a small or
    token amount to a plaintiff.
    Liquidated Damages
    A liquidated damages clause is one in which the
    parties set out in advance what constitutes a
    breach and how the damages for this breach
    will be assessed.
    Quantum Meruit
    • Quantum meruit is a Latin term that translates
    “as much as merited.”
    • It is a legal doctrine that creates a
    presumption that a person who performs a
    service for another deserves to be paid.
    Specific Performance
    Specific Performance means the performance of
    contract as per the terms of contract.
    Specific performance is a court order that
    requires a party to do that which he has
    already agreed to do in the contract.
    Injunction
    When a party seeks an injunction, the party files
    an action with the court stating that the
    defendant's actions will result in serious and
    irreparable damage to the plaintiff.

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