When a contract has been breached, it can have significant consequences for the business that is impacted by the breach. For that reason, it is helpful to know the different types of damages available for breach of contract which may include monetary and other types of damages.
Monetary damages
Monetary damages can help address some of the consequences of a breach of contract. Damages for contract disputes can include compensatory damages, punitive damages, nominal damages and liquidated damages. Compensatory damages are the most common type of damages and are intended to compensate the non-breaching party for the financial harm they have suffered.
Specific performance
Specific performance of the contract may be ordered as a remedy for breach of contract. This may be ordered if the subject matter of the contract is rare or if monetary damages are inadequate to put the non-breaching party back in as good of a position as they were prior to the breach.
Recission and restitution
The court may order the contract be canceled and may require the breaching party to pay restitution if they have already received a benefit of the contract. Canceling the contract will void the contract and is though the contract has been ripped up.
Business litigation can help businesses impacted by a contract dispute sort everything out. It can help them recover compensation for the damages they have suffered with the intention of putting them in the position they would have been in had the breach not occurred.