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Equitable remedy Essay Topics & Paper Examples

Describe The Remedies Available For Breach of Contract

When signing a contract not only are you agreeing to the terms of this contract you are agreeing to the consequences if breach the contract. There are many remedies available if one of the party’s breaches the contract and if the party who breached the contract doesn’t agree to the consequences then the matter will be taken to court. A breach of contract can be defined as a party failing to perform, precisely and exactly, his obligations under the contract. However a party can only treat the contract as discharged in three situations: -Renunciation Renunciation is where a party refuses to perform his obligations under the contract. -Breach of Condition The second breach occurs where the party has committed a…