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What Remedies Are Available in a Breach of Contract Lawsuit?

Posted on in Business Law

greenwich contract lawyerContractual agreements are crucial for businesses. They may be used when making significant transactions, entering into a relationship with another business, or ensuring that employers and employees understand their rights and requirements. However, businesses may encounter situations where one party to a contract does not follow their legal obligations. In cases involving contract disputes, the parties will need to understand the potential remedies that may be available if a court determines that one party has committed a breach of contract.

Breach of Contract Remedies

During a civil lawsuit, a judge or jury will review the facts of the case to determine whether a breach of contract occurred. If the court finds that one party has not followed the terms of the contract, certain remedies may be awarded to the other party. These may include:

  • Compensatory damages - The breaching party may be ordered to pay compensation to the non-breaching party. Different types of damages may be available, and they will usually address the monetary losses that the non-breaching party has experienced, including losses that occurred indirectly because the breaching party did not meet its obligations. Liquidated damages may be awarded if a contract specifies an amount that will be paid if one party breaches the contract’s terms. If the breaching party willfully or maliciously violated the terms of the contract or acted fraudulently, punitive damages may be awarded as a form of punishment.

  • Specific performance - The court may order the breaching party to carry out the terms of the contract as closely as they are able, meeting all of their legal obligations under the agreement.

  • Rescission or reformation - The contract may be canceled, releasing both parties from their obligations. In these cases, the breaching party may be required to pay restitution to restore the non-breaching party to the position they were in before entering into the contract. The court may also choose to adjust the terms of the contract to address any errors and correct any inequities that affect the parties.

Contact Our Connecticut Breach of Contract Attorneys

If you have encountered a contract dispute that affects your business, you will need to understand your options for addressing these issues. At Ivey, Barnum & O'Mara, LLC, our attorneys can help you determine the best course of action that will ensure that you can protect your rights and your financial interests. We will work with you to resolve these issues out of court whenever possible. If necessary, we can provide you with representation during civil litigation, advocating for your interests and helping you achieve an outcome that will ensure that your business can continue to be successful. Contact our Greenwich contract dispute lawyers at 203-661-6000 to set up a free consultation.

Sources:

https://law.jrank.org/pages/5697/Contracts-Remedies.html

https://www.lexisnexis.com/uk/lexispsl/disputeresolution/document/393747/5CK4-1SG1-F18B-703K-00000-00/Contractual_breach_damages_and_remedies_overview

http://jec.unm.edu/education/online-training/contract-law-tutorial/remedies-for-breach-of-contract

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