What is the effect of a breach of contract?

A breach of contract is a violation of the agreement that was set forth between two or more parties. In Arizona, a breach of contract can have serious consequences. Generally, when one party breaches a contract, the other party may choose to pursue a legal remedy. Remedies for breach of contract could include damages, specific performance, or rescission of the contract. Damages, also known as monetary damages, are the most common remedy for breach of contract in Arizona. These damages can be used to compensate the non-breaching party for losses that occurred due to the breach. For example, if one party fails to provide a promised product or service, the other party might be able to receive monetary damages for any lost profits. Specific performance is an equitable remedy where a court may order one party to fulfill the original agreement. In this instance, the court may order the original agreement to be fulfilled exactly as it was written, with the breaching party meet all of the obligations. Rescission of the contract is an equitable remedy where a court may cancel the agreement, returning the parties to their original positions. This remedy could be used when one party has suffered a major financial loss due to the breach. Breaching a contract in Arizona can result in serious legal repercussions. The non-breaching party can generally choose to pursue a legal remedy, such as damages, specific performance, or rescission of the contract. It is important to carefully consider the situation and speak to a qualified attorney before making any decision about a breach of contract.

Related FAQs

What is the effect of a breach of contract?
What is the parol evidence rule?
What is the validity of an option contract?
What is the common law?
What is a contractual waiver?
What is the implied covenant of quiet enjoyment?
What is a novation of a contract?
What is a void contract?
What is an offer and acceptance?
What is a conforming acceptance?

What is the effect of a breach of contract?

Related FAQs

Related Blog Posts