What are the common types of remedies available?

In Washington, there are several common types of remedies available in contract law. When a contract is breached, the injured party may seek monetary damages, restitution, specific performance, or sometimes even punitive damages. Monetary damages are the most common form of remedy in contract law. It includes various types of compensation, such as compensatory damages, nominal damages, consequential damages, and liquidated damages. Compensatory damages are intended to reimburse the injured party for their losses, nominal damages are issued for technical breaches of contract, consequential damages are for foreseeable losses caused by the breach, and liquidated damages are predetermined damages set forth in the contract. Restitution is another common remedy in contract law that can be sought after a breach. It is a type of equitable remedy that allows the injured party to recover any benefits they bestowed upon the breaching party. This type of remedy is usually used in cases where it would be difficult to calculate actual damages and restitution can be ordered to restore the parties to their original positions. Specific performance is a type of remedy that requires the breaching party to follow through on the terms of the contract. This is usually used when the object of the contract cannot adequately be replaced with money. Lastly, punitive damages may be awarded in extreme circumstances. They are meant to punish the breaching party for their wrongful action and are calculated based on the seriousness of the breach and the financial condition of the breaching party. These are the most common remedies available in contract law in Washington. Depending on the situation, a party may seek any one of these remedies or a combination of them.

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What are the common types of remedies available?

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