What does mean by breach of contract define
various remedies for Breach of contract?
A
breach of contract means failing to do something which is in the contract. A
‘breach’ means to an act of breaking a rule or an agreement. The parties to a
contract must fulfill their respective obligation because they are agreed upon
at the time of the creation of the contract. If any party does not fulfill his
liability, another party becomes victimize. The nature of the breach of
contract may be actual or anticipatory. The contract can be terminated by the
breach of terms and condition of the contract agreed, and the breach of the law
of contract made by the legislature or the statutory law of contract.
Remedies
for the breach of contract:
When
any party to contract breaches a contract the victimized party should take the
legal remedies. An important characteristic of a contract is the availability
of remedies to the aggrieved party. The remedies, which are enforced by the law
are as follow:
i) Rescission or cancellation of the contract:
When
one party breaches the contract, the other party can revocate or cancel the
further performance that is agreed to do in the contract. The victim party can
cancel the contract after giving reasonable notice to the breacher party. The
victim party has a right to demanding compensation for their loss that is being
through the breach of contract.
ii) Restitution:
Restitution
means ‘ returning everything to the state as it was before. The parties to a
contract have to return the benefit to each other which was received under the
contract. The injured party has the remedies to restitute the changes, activities,
losses as it was before.
iii) Damages:
If
any party breaches the contract, the victimized party should be paid the
financial compensation, awarded by the court for his/her loss through the
breacher. To pay for the damage is just to pay some money for the purpose of
his recovery. The losses can be recovered from breacher as per law or terms and
condition that was implied during the time of making the contract.
iv) Specific performance:
When
any party breaches a contract, the injured party may demand a specific
performance by suit. The court may order the breacher party for a specific
performance, such order is made by the court when other types of compensation
do not seem to be adequate.
v) Injunction:
The
injunction is a court order that restraints the breacher party from doing wrong
or continuing the wrongful act, complained. Such a remedy is appropriate where
there is a kind of preventive relief to the aggrieved party.
For
example, A promise to sell his car to X for 5 lakh, rather than
giving it to A, X intends to sell the car for 6 lakh to Y. In such a condition
the court can order restraining X to sell his car to C when it is claimed by A.
vi) Suit upon Quantum Meruit:
‘Quantum
meruit’ means ‘payment in proportion to the amount of work done.’ An injured
party has the right to sue a quantum meruit arises where a contract, partly
performed by one party, has become discharged by the breach of another party.
Such type of remedy is based on the implied agreement to payment for what has
been done or completed.
Reviewed by Bijay Munikar
on
September 26, 2020
Rating:
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