When business deals go wrong and contracts are not fulfilled, it is important to know the remedies available to the parties in order to address the non-performance. Here is a list of some of the remedies that can be pursued in such circumstances.
1. Specific Performance: This remedy allows a plaintiff to ask the court to force the defendant to perform the obligations under the contract. This remedy is typically available in cases where the subject matter of the contract is unique or rare, and damages would be insufficient.
2. Damages: Damages refers to the amount of money that the plaintiff has lost as a result of the defendant`s breach of contract. There are different types of damages that can be awarded in a contract case, including compensatory, consequential, and punitive damages.
3. Rescission: Rescission is a remedy that allows a plaintiff to cancel the contract entirely. This remedy is typically available in cases where the plaintiff has been induced into the contract by fraud, mistake, or misrepresentation.
4. Reformation: Reformation is a remedy that allows a court to rewrite a contract`s terms in order to make it conform to the parties` intentions. This remedy is typically available in cases where there is a mistake or ambiguity in the contract`s terms.
5. Restitution: Restitution is a remedy that requires the defendant to return any benefits that they have received under the contract. This remedy is typically available when the defendant has been unjustly enriched at the plaintiff`s expense.
6. Liquidated Damages: Liquidated damages are damages that are specified in the contract itself as a pre-determined amount that will be awarded if one party breaches the contract. This remedy is typically included in contracts as a way to avoid costly litigation.
7. Equitable Relief: Equitable relief refers to remedies that are granted by a court in order to prevent unjust enrichment or to avoid irreparable harm. This remedy is typically available in cases where legal remedies are insufficient.
It is important to note that the remedies available for non-performance of a contract can vary depending on the circumstances of the case. It is always recommended to seek the advice of an experienced attorney to determine the appropriate course of action.