This form provides boilerplate contract clauses that outline the remedies available to the parties both under and outside the terms of the contract agreement.
Limitation of Remedies, Election of Remedies, and the Cumulative Remedies Provision
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FAQ
In the event of a breach of contract, the nonbreaching party is allowed to pursue any and all remedies that may be available under the facts of the particular case during litigation, even though some of those remedies may be inconsistent with each other.
Monetary awards (called damages), specific performance, and restitution are the three principle remedies.
Repudiation. If the other party breaches a condition of the contract, you may be able to 'repudiate' the contract to terminate it and claim damages for your loss - or to 'affirm' the contract and claim damages. Damages. Specific Performance.
Fourth Rule: Section 73 It should be noted that when no loss arises from the breach of contract, only nominal damages are awarded. Damages are given by way of restitution and compensation only, and not by way of punishment. The aggrieved party can therefore recover the actual loss caused to him as compensation.
The party who is injured by the breach of contract may bring an action of breach of contract either by remedy of specific performance or the damages available such as general or liquidated damages, nominal damage (no loss situation), compensatory, punitive and specific.
Contract remedies serve to protect three different interests: an expectation interest, a reliance interest, and a restitution interest. A promisee will have one of these and may have two or all three.
Know how these concepts serve to limit contract remedies: foreseeability, mitigation of damages, certainty of damages, loss of power of avoidance, election of remedies, and agreement of the parties.
