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Remedies for Breach of Contract1 Recession of Contract. When one of the parties to a contract does not fulfil his obligations, then the other party can rescind the contract and refuse the performance of his obligations.2 Sue for Damages.3 Sue for Specific Performance.4 Injunction.5 Quantum Meruit.
A breach of contract is when one party breaks the terms of an agreement between two or more parties. This includes when an obligation that is stated in the contract is not completed on timeyou are late with a rent payment, or when it is not fulfilled at alla tenant vacates their apartment owing six-months' back rent.
There can be numerous remedies available in case of a breach of contract, depending upon the nature of the contract, the surrounding circumstances and the intention and position of parties. Some of these remedies are an award for damages, specific performance, restitution, and rescission, injunctions.
The most frequent equitable remedies available for breach of contract are contract reformation, specific performance of a contract, and rescission of a contract.
Types of Damages1 Ordinary damages. On the breach of a contract, the suffering party may incur some damages arising naturally, in the usual course of events.2 Special Damages.3 Vindictive or Exemplary Damages.4 Nominal Damages.5 Damages for Deterioration caused by Delay.6 Pre-fixed damages.