What are the common types of remedies available?

Remedies are a way to enforce contracts and make sure that people are held accountable for any breach of contract. In Colorado, the most common type of remedies are monetary damages, specific performance, and rescission and restitution. Monetary damages refers to an award of money to compensate the non-breaching party for any breach of contract. This type of remedy is used because it is the simplest to calculate and the most popular. Specific performance is a type of remedy that requires performance of the contractual obligation. This remedy is used when money would not be sufficient to compensate for the breach of contract. Rescission and restitution is a remedy that requires that the parties restore each other to the same status as before the contract was entered. This means that the non-breaching party is refunded the money they paid out for the contract, and the other party stops performing any obligations performed in exchange for the refund. In Colorado, these are the most common types of remedies for breach of contract. The court will determine which remedy is most appropriate depending on the circumstances of each case.

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What are the common types of remedies available?

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