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What To Do Next Discuss the matter with the other party. In many situations, the other party may not know that they breached the contract. ... Understand your time limits. If you cannot reach a resolution by talking to the other party, you may need to take legal action to obtain relief. ... Calculate your losses. ... Try mediation.
Four Types of Damages Available in a Breach of Contract Compensatory damages. Compensatory damages aim to restore the party who did NOT breach the contract back to the position they would have been in if the other party had held up their end of the deal as promised. Punitive damages. ... Nominal damages. ... Liquidated damages.
Any promise needs to be significant, reasonable, and the victim should have suffered losses. Victims can sue an entity based on this law only after meeting those criteria. Specific legislation regarding promissory estoppel in contract law differs significantly between jurisdictions.
Summary. In general, every contract contains an implied duty of good faith and fair dealing, requiring that neither party will do anything that will destroy or injure the right of the other party to receive the benefits of the contract.
Affirmative Defenses that can be asserted against a claim of promissory estoppel include: 1) existence of a contract (express or implied) between the parties; 2) lack of a clear and unequivocal promise; 3) lack of reasonable detrimental reliance; 4) lack of injustice that can only be avoided if the promise is enforced.
There are main three remedies which are suit for specific performance, liquidated damages and injunction.
Legal remedies for a breach of contract in Iowa may include specific performance, compensatory damages, punitive damages, and attorney's fees.