What are the legal remedies for a breach of contract?

In Mississippi, if a party breaches a contract, the other party may be able to seek either specific performance or damages, both of which are legal remedies. Specific performance is an equitable remedy available when monetary damages are insufficient to compensate the injured party. It involves a court order requiring the breaching party to perform exactly as they agreed in the contract. This remedy is typically used for unique contracts, such as those associated with real estate transactions or contracts for goods or services that cannot adequately be replaced in terms of quality. Damages is the most common remedy for a breach of contract in Mississippi. This is when the breaching party must pay the other party an amount of money to compensate them for any losses they have suffered due to the breach. Damages in Mississippi may include “compensatory damages” for any financial losses, such as lost profits or property damage, and “liquidated damages” which are a predetermined amount of money that the breaching party pays if they violate the contract. It is important to note that the party seeking to enforce the contract must take reasonable steps to mitigate their damages. This is when they must take reasonable measures to try to reduce the losses they have suffered due to the breach. If the party fails to do this, the court may reduce the amount of damages they can receive.

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