Describe The Remedies Available For Breach of Contract Essay

When signing a postulate non only are you agreeing to the boundarys of this pose you are agreeing to the consequences if breach the subscribe. thither are many remedies available if one of the companionships breaches the mother and if the party who breached the contract doesnt agree to the consequences accordingly the matter pull up stakes be taken to apostrophize. A breach of contract can be defined as a party failing to perform, precisely and exactly, his obligations nether the contract. However a party can only treat the contract as discharged in three situations -RenunciationRenunciation is where a party refuses to perform his obligations under the contract. -Breach of ConditionThe second breach occurs where the party has committed a breach of condition. -Fundamental BreachThe third breach is where the party in breach has committed a serious breach of a term in the contract or totally fails to perform the contract. In well-nigh cases a breach of contract will result i n restitution being paid. The point of restoration is to put the injured party in the same financial position he would have been in had the contract been properly performed. Damages are non always a fitting remedy so sometimes other remedies are put into fall out e.g. Injunction. -DamagesIn order for the innocent party to actually get awarded perverts they mustiness be able to prove they suffered a loss from the contract not being fulfilled properly. The greet has to think about devil things when deciding to award someone damages and they are -RemotenessFor what consequences of the breach is the suspect legally responsible? -The measure of damagesThe principles upon which the loss or damage is evaluated or quantified in monetary terms. This can only be set(p) after the first. If paying damages isnt sufficient enough then obviously they have to look at other remedies, which include -Specific carrying out-InjunctionSpecific PerformanceSpecific instruction execution is wh ere the court orders a decreed contractual obligation. There are many circumstances where specific performance is not available -Damages provide an adequate remedy.-Where the order could cause exuberant hardship.-Where the contract is of such a nature that constant supervision by the court would be required. -Where an order of specific performance would be affirmable against one party to the contract, but not the other. Where the party seeking the order has acted unfairly or unconscionably. He is barred by the maxim He who comes to Equity must come with clean hands. -Where the order is not sought promptly the claimant will be barred by the maxims discipline defeats the Equities and Equity assists the vigilant but not the indolent. In common the court will only grant specific performance where it would be just and equitable to do so. InjunctionAn injunction is an order of the court requiring a person to perform a negative obligation. Injunctions fall into two broad categories -P rohibitory injunction, which is an order that something must not be done. -Mandatory injunction, which is an order that something must be done, for example to pull down a wall which has been erected in breach of contract. Like specific performance it is an equitable remedy and the court exercises its discretion according to the same principles as with specific performance,