A remedy is the course of action available to an aggrieved party (i.e., the party not at default) for the enforcement of a right under a contract. In case of breach of contract by one party, the other party need not perform his part of the contract and is entitled to compensation for the loss occurred to him. When one party fails or refuses to perform the obligations imposed upon him by the contract, this is known as Breach of Contract.
Remedies available for a Breach of Contract:
Rescission means a right not to perform the contract. When a contract is broken by one party, the other party may sue to treat the contract as rescinded and refuse further performance.
2. Claim for Damages:
Damage may be defined as monetary compensation in respect of loss suffered as a result of breach. Breach of contract entitles the injured party to file a suit for damages.
3. Demand for specific performance:
It gives the courts discretionary power to order specific performance instead of or in addition to damages.
Where a party to contract is negativating the terms of a contract, the court may by issuing an ‘Injunction order’ restrain him from doing what he promised not to do.
The term ‘restitution’ may be defined as an act of restoring back to the rightful owner, that which has been taken away or lost.
6. Quantum Meruit:
It means “as much as is earned” or “according to the quantity of work done”. When a person has begun the work and before he could complete it, the other party terminates the contract or does something which make it impossible for the other party to complete the contract, he can claim for the work done under the contract.