A breach of contract can set you back financially or otherwise when it happens. Therefore, you need to know the possible remedies that would be appropriate to remedy the situation you find yourself in after the breach.
The appropriate remedy depends on the type of contract and the nature of the breach. Below are some of the remedies that may be available for you after a breach of contract.
Damages
In some cases, the court may award you monetary compensation to put you in the position you would have been had the contract been executed. Damages are meant to financially compensate you for any losses you suffered due to the breach.
Sometimes, the damages owed to you in the event of a breach may be pre-agreed in the contract.
Specific performance or injunction
When money cannot fully cover compensation for a breach of contract, the court may direct the other party to fulfill the contract as initially agreed through a specific performance order. In such a case, compensation cannot make you whole again – only the performance of your contract can.
The court may also compel the other party to refrain from taking specific actions that could cause further damage or losses through an injunction order.
Rescission
As the non-breaching party, you can be released from all contractual obligations through rescission. Therefore, your contract will be declared void and non-binding to all the parties.
Protecting yourself after a breach of contract
If you have reasons to believe that the other party has violated the terms of a contract you entered with them, it is advisable to seek help and ensure you get the best possible remedy. In addition, learning more about how to handle your case will work towards protecting your interests after a contract breach.
