What are the remedies for breach of contract?

When someone breaches a contract in Washington, the other party is entitled to certain remedies. A breach of contract is when one party fails to fulfill their obligations under an agreement. The most common remedy for breach of contract is monetary damages. Monetary damages are a court-ordered payment to compensate the non-breaching party for any losses incurred due to the breach. These damages are calculated to put the non-breaching party in the same financial position they would have been in had the contract been fulfilled. Another remedy for breach of contract is the award of specific performance. Specific performance is a court order requiring the breaching party to perform the obligations they agreed to in the contract. This type of remedy is typically used for contracts involving unique goods or services. In some cases, a court might award the non-breaching party with "rescission" or "cancellation". Rescission allows the non-breaching party to cancel the contract and get back any payments they have made under the contract. Finally, a court may order the breaching party to pay a penalty for failing to fulfill their obligations. Penalties are meant to deter the breaching party from committing a similar breach in the future. These penalties are usually set at a predetermined rate. Overall, the remedy for breach of contract depends on the circumstances of the breach. Although monetary damages are the most common remedy, specific performance, rescission, and penalty awards may also be severe.

Related FAQs

What is an assignment of contract?
What is a performance bond?
What is a mutatis mutandis clause?
What is the principle of non-derogation of contracts?
What is a contract of indemnification?
What is a condition subsequent?
What is the termination of a contract?
What is a discharge of contract?
What is a severability clause?
What is a contract of service?

What are the remedies for breach of contract?

Related FAQs

Related Blog Posts