Remedies 101

For today's post, we're discussing remedies (i.e., a course of action one takes to resolve a dispute) for breach of an express, implied, or oral agreement.

Though the appropriate remedy will depend on the facts and circumstances, common remedies include: monetary damages; specific performance; and contract rescission.

Monetary Damages

Monetary damages are sought by the non-breaching party to recover the losses caused by the breach. These include general damages and consequential damages. specifically, general damages are the losses that are directly caused by the breach, and consequential damages are losses that are indirectly caused by the breach.

Specific Performance

When monetary damages will not adequately compensate a non-breaching party, the non-breaching party may seek specific performance.

Contract Rescission

A non-breaching party could seek to rescind the contract or, in other words, to be releasedfrom his obligations under the agreement because of the breaching party's failure toperform his obligations under the contract.

These are a few common remedies. Because not all contracts are created equal and may have certain provisions limiting the availability of remedies a party may seek in the event ofa breach of contract, it is best to consult a licensed attorney in your jurisdiction if you have any questions about seeking an appropriate contract remedy or about contract law.

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*This blog post should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only.