What are the common types of remedies available?

In North Carolina, there are a variety of remedies available when one party breaches a contract. Generally speaking, these remedies include damages, specific performance, and rescission. Damages are the most common remedy available and include both compensatory and punitive damages. Compensatory damages are used to make a party whole and provide them with monetary compensation for the breach. Punitive damages are awarded when one party has acted in a particularly egregious manner and are typically awarded as a form of punishment and a deterrent. Specific performance is another common remedy available in contract law. This remedy requires that the breaching party performs the terms of the contract as originally agreed. This remedy is typically used when the subject of the agreement is unique and monetary damages are not appropriate. The final common remedy in contract law is rescission. This remedy returns the parties to the pre-contract state and cancels the contract. Rescission may be ordered if it is determined that one of the parties misrepresented or concealed a material fact, or if the contract is unconscionable or illegal. In summary, North Carolina contract law provides a wide array of remedies for breaches of contract. This includes damages (both compensatory and punitive), specific performance, and rescission. Each of these remedies is used to find an appropriate resolution to contract disputes.

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