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When one party breaches a contract, there are typically two kinds of remedies available to the party who did not breach the contract. One kind is legal remedies and the other is equitable remedies, says an Arlington breach of contract attorney.
Equitable remedies include reformation, specific performance and rescission.
A valid contract might be modified so that it reflects the party’s intentions more accurately.
This kind of remedy is obtained by court order and mandates that the party who breached the contract fulfill the contract the way that it was written. This is a rare type of remedy, but there are circumstances in which it may be the most appropriate remedy. For instance, if the breaching party is a crafts-person with a unique skillset or a specific piece of real-estate.
The non-breaching party can cancel his or her contractual obligations. This remedy might be appropriate if the contract was fraudulent or based on a mistake made by one or more parties.
Most legal remedies are monetary settlements or damages that are intended to compensate the non-breaching party, according to an Arlington breach of contract attorney.
Specific damages are sometimes pre-determined within a contract. These pre-determined damages are known as liquidated damages.
In the event that a party acted in a fraudulent or malicious matter in connection with a contract, he or she may be subject to punitive damages.
This form of damages is meant to compensate the non-breaching party for the contract breach. These damages may take the form of consequential damages and expectation damages. Consequential damages refer to indirect costs associated with the breach.
If you have suffered a financial loss as the result of a contract breach, you may wish to speak with an Arlington breach of contract lawyer. Please call the office of E. Schleifman at 703-528-1021 to schedule a consultation.