Remedies for Breach of Contract
affiliation not provided to SSRN
April 19, 2012
A Breach of Contract occurs when a party thereto renounces his liability under it, or by his own act makes it impossible that he should perform his obligations under it or totally or partially fails to perform such obligations. A Breach of contract can be Anticipatory or Present.
Breach of Contract leads to the infringement of the rights of the non-breaching party. Hence, his rights are needed to be restored. For this various remedies are available to the aggrieved party. Remedies available under Common Law are Damages. The main purpose of Damages is to enable the innocent party to receive Monetary Compensation. Damages are awarded as of right. They are calculated on the basis of looking at what the position of the plaintiff would have been if the Contract had been properly performed. Monetary Damages can be Compensatory, Consequential, Nominal or Liquidated.
There is another group of remedies available to the aggrieved party which are known as Equitable Remedies. These are discretionary remedies at Equity and are only granted where damages are not an adequate remedy. Equitable Remedies include Recission, Restitution, Specific Performance, Injunction, Quantum Meruit, Anton Piller Order,etc.
If the breaching party refuses to pay the Court ordered judgement, the court may issue Writ of Attachment or Writ of Garnishment to enforce the remedies.
Section 73, 74 and 75 of the Indian Contract Act,1872 deals with remedies and damages for Breach of Contract.
Number of Pages in PDF File: 23
Keywords: Remedies, Damages, Specific Performance, Injunctionworking papers series
Date posted: April 20, 2012
© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo8 in 0.266 seconds