Describe The Remedies Available For Breach of Contract Essay

When signing a contract not lone(prenominal) be you agreeing to the terms of this contract you are agreeing to the consequences if breach the contract. There are many remedies avail fitting if one of the political societys breaches the contract and if the party who breached the contract doesnt agree to the consequences then the matter bequeath be taken to lawcourt. 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 -renunciationRenunciation is where a party refuses to perform his obligations under the contract. -Breach of ConditionThe second breach occurs where the party has committed a breach of condition. -Fundamental BreachThe third breach is where the party in breach has committed a serious breach of a term in the contract or totally fails to perform the contract. In near cases a breach of contract will result in remedy b eing paid. The point of damages is to put the injured party in the alike(p) financial position he would have been in had the contract been properly performed. Damages are not always a suitable remedy so sometimes other remedies are put into place e.g. Injunction. -DamagesIn order for the innocent party to actually get awarded damages they must be able to prove they suffered a loss from the contract not being fulfilled properly. The court has to think about two things when deciding to award someone damages and they are -RemotenessFor what consequences of the breach is the defendant legally responsible? -The measure of damagesThe principles upon which the loss or damage is evaluated or quantified in monetary terms. This can only be determined after the first. If paying damages isnt sufficient enough then obviously they have to look at other remedies, which entangle -Specific Performance-InjunctionSpecific PerformanceSpecific surgical procedure is where the court orders a positive c ontractual obligation. There are many circumstances where specific performance is not available -Damages provide an adequate remedy.-Where the order could cause undue hardship.-Where the contract is of such a nature that constant supervision by the court would be required. -Where an order of specific performance would be possible against one party to the contract, but not the other. Where the party seeking the order has acted unfairly or unconscionably. He is barred by the maxim He who comes to Equity must come with clean hands. -Where the order is not sought promptly the claimant will be barred by the maxims Delay defeats the Equities and Equity assists the vigilant but not the indolent. In general the court will only contribute specific performance where it would be just and equitable to do so. InjunctionAn injunction is an order of the court requiring a person to perform a disallow obligation. Injunctions fall into two broad categories -Prohibitory injunction, which is an order that something must not be done. -Mandatory injunction, which is an order that something must be done, for example to pull down a hem in which has been erected in breach of contract. Like specific performance it is an equitable remedy and the court exercises its discretion according to the same principles as with specific performance,