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Outline three remedies for 'Breach of Contract' available to the other party involved. - Leaving Cert Business - Question 4(C) - 2022
Question 4(C)
Outline three remedies for 'Breach of Contract' available to the other party involved.
Worked Solution & Example Answer:Outline three remedies for 'Breach of Contract' available to the other party involved. - Leaving Cert Business - Question 4(C) - 2022
Step 1
Sue for Damages/Compensation
Answer
The injured party in a contract can initiate court proceedings against the party who breached the contract. The judge has the authority to order the defendant to pay compensation for any financial losses incurred by the complainant as a result of the breach. This remedy aims to restore the injured party to the position they would have been in had the breach not occurred.
Step 2
Specific Performance
Answer
In some cases, the court may order specific performance, which compels the party in breach to fulfill their contractual obligations. This remedy is often used when monetary compensation is insufficient to address the breach, and it ensures that the injured party receives exactly what was promised in the contract.
Step 3
Rescind the Contract
Answer
The option to rescind the contract allows both parties to return to their original positions before the contract was formed. A judge may grant this remedy if the contract is found to be voidable, meaning it can be canceled due to issues such as misrepresentation or mutual mistake.