If you work in business, you probably know just how important it is to always have contracts in place. Contracts can protect your business and act as a legally binding agreement in court should you ever run into problems. Breach of contracts will occur quite frequently in business, which is why it always pays to know a little bit about what your options are if it happens to your business. Below, you will find 4 remedies for breach of contract that you can potentially pursue. If you are a business owner dealing with a breach of contract, reach out to Derryberry & Associates LLP for legal help today.
1. Monetary Damages
If a breach of contract results in monetary damages for your business, you can attempt to get them back with this remedy. Determining the amount that someone is required to pay in this instance can be complicated, but it’s definitely worth pursuing if you think your business lost out on revenue or money due to a breach of contract. One of the 4 remedies for breach of contract to consider is monetary damages.
Breach of contracts can occur for a variety of different reasons. The best thing to do when you are in a business contract with someone and they aren’t performing what was agreed to in the contract is to think through your options. If you simply want to move on and end your contractual obligations, rescission is a good option to pursue. This remedy allows you to clearly remove yourself from contractual duties due to the failure of the other party to perform. If you have any questions about this breach of contract remedy, reach out to Derryberry & Associates LLP.
3. Specific Performance
This is an option for when you still want the party to perform their contractual obligations after the breach has occurred. If monetary damages aren’t enough to remedy the situation, specific performance is another option. Breaches of contract are never straightforward, which is why it always pays off to have an expert attorney providing you with their insight about the best course of action.
The final remedy for breach of contract that we are going to mention is restitution. This option is used to help the injured party get back to the position that they occupied prior to the contract. It’s a good option to explore that can take you back to square one if you aren’t happy with how a contract has turned out. Usually, any money that exchanged hands will return to the payee with restitution.
Taking legal action with one of the remedies mentioned above is a great way to handle a breach of contract. Make sure you are taking enough time to evaluate which remedy is best for your business before you make a decision on which one to pursue. Reach out to Derryberry & Associates LLP if you have any questions about breach of contract and its remedies.