What are the remedies for breach of contract?

In Virginia, the remedies for breach of contract include damages, specific performance, and rescission. Damages is the most common remedy for breach of contract. It is a monetary award given to the non-breaching party to compensate for their losses caused by the breach of contract. Depending on the situation, the non-breaching party may be awarded compensatory damages, consequential damages, or punitive damages. Specific performance is a remedy awarded in situations when monetary damages are not enough to make the non-breaching party whole. This remedy orders the breaching party to carry out the terms of the contract as originally agreed upon. Rescission is a remedy that is awarded when the parties are put in the same position they were in before the contract was signed. This remedy cancels the contract, voiding any obligations either party has to the other. In conclusion, the remedies for breach of contract in Virginia include damages, specific performance, and rescission. The remedy that is awarded will depend on the specific situation and the amount of damages incurred by the non-breaching party.

Related FAQs

What is the implied covenant of quiet enjoyment?
What is an implied covenant of good faith?
What is rescission of a contract?
What is the parol evidence rule?
What is a third-party guarantor?
What is anticipatory repudiation?
What is a valid offer?
What are the legal remedies for a breach of contract?
What is equitable relief?
What is the common law of contracts?

What are the remedies for breach of contract?

Related FAQs

Related Blog Posts