What are the remedies available for breach of contract in international business?

When two companies enter into an international business agreement, it is important to understand the law and the remedies available for breach of contract in the event of a dispute. In California, the International Business Law is based on the Uniform Commercial Code (UCC). The UCC contains the common law and statutes that govern international contracts. When it comes to remedies for breach of contract in international business, California recognizes three important remedies: specific performance, money damages, and rescission. Specific performance is when a court orders the party in breach of contract to specifically perform the terms of the agreement. This remedy is typically used when monetary damages are not enough to satisfy the party who suffered the breach. Money damages are the most common remedy for breach of contract and are typically awarded to the non-breaching party in the amount of their actual losses. This may include any direct or consequential damages they suffered as a result of the breach. Finally, rescission is the remedy of choice when the breach is so material that the parties no longer wish to continue with the contract. This remedy effectively cancels the contract and restores both parties to the position they were in before the agreement was made. When it comes to international business, understanding the applicable laws and the remedies available for breach of contract is integral to ensure that the parties involved are adequately protected and their rights are respected.

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What are the remedies available for breach of contract in international business?

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