Delev & Associates
  • Home
  • Practice Areas
    • Before Extending Credit
    • Civil Litigation
    • Commercial Collections UCC
    • Consumer Collections
    • Consumer Resource Center
    • Creditors’ Rights
  • About
    • Gregory D. Delev
    • Brian T. Giles
    • Donald W. Harper
  • Articles
  • Newsletters
  • Blog
  • Contact
Select Page

What are the remedies for a contract breach?

On behalf of Delev & Associates, LLC | Nov 17, 2020 | Contract Disputes

Ohio business owners like you often have to deal with contracts. It is a part of managing a business and normally, you do not have to deal with many negative scenarios. But there are still some cases in which you may run into a contract dispute.

In these instances, what can you do? There are three potential remedies when it comes to handling a breach in contract.

Three remedies for a contract breach

The Judicial Education Center discusses remedies for breaches of contract. What is a remedy? It is also known as a relief. When one party breaches a contract, the other has entitlement to this relief. Primary remedies are damages, specific performance and cancellation and restitution.

The most common method of resolution

In terms of which is most common, you would look at damages. Damages are a form of payment used to compensate the party owed a remedy. There are many types of damages. Compensatory damages put the non-breaching party back into the position they were in before the breach. Punitive damages cover that and a little extra. They punish the breaching party, but you rarely see this awarded in business disputes. Other forms of damages include nominal and liquidated.

You can turn to specific performance if damages are not enough. This is a court-ordered performance of duty under your contract. In other words, the breaching party must succeed in upholding their end of the contract.

Finally, there is cancellation and restitution. You can cancel the contract and sue for restitution. Cancelling the contract voids all parties of their obligations. Restitution puts you back in the position you were at before the breach of contract.

Recent Posts

  • Understand the wage garnishment process
  • Best practices for collecting debt in Ohio
  • What is an involuntary bankruptcy proceeding?
  • What can I do after receiving a letter stipulating no contact?
  • Types of acceptable collateral for secured loans

Archives

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014

Categories

  • Business Litigation
  • Commercial Collections
  • Contract Disputes
  • Firm News
  • Uncategorized

RSS Feed

Subscribe To This Blog’s Feed