Discuss five remedies available whenever there is a breach of contract
Remedies available for the breach of contract are;
- Damages: are monetary compensations allowed to the injured party of the loss or injury suffered by him as a result of the breach of contract. The fundamental principal underlying’ damages is not punishment but compensation. By awarding damages, the court aims to put the injured party into the position in which he would have been had there been performance and not breach.
- Quantum meruit: the third remedy for a breach of contract available to an injured party against the guilty party is to file a suit upon quantum meruit (as much is earned or proportion to the work done). This remedy may be available of either without claiming damages or in addition to claiming damages of breach.
- Specific performance: this is an equitable remedy. It is the actual carrying out of the contract as agreed. Under certain circumstances aggrieved party my file a suit for specific performance i.e. a decree by the court directing the defendant to actually perform the promise he had made.
- Injunction: is an order of a court restraining a person from doing a particular act. It’s a mode of securing a specific performance of the negative terms of the contract.
- Rescission: where there is a breach of a contract by one party, the other party may rescind the contract and need not to perform his part of obligations under the contract and may sit quietly at home if he decides not to take any legal action against the guilty party for damages for breach of contract, he has to file a suit for decision of the contract.