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Remedies for Breach of Contract

03 Mar 2017Economics Essays

Abstract

Trust is one of the most important factors in any business relationship. To ensure the trustworthiness of each party engaged in any type of business, it is greatly advised they establish a contract to clearly specify whatever they agreed upon. This will also put all the parties involved on the safer side. No business nowadays can work without a contract. Any disputes and arguments will be measurable, and responsibilities will be defined. If all parties can transact well without any problems, then there is no need for contracts. Yet this is an imperfect, complicated world where problems occur. So if one of the parties “failed to fulfill the duties under the contract terms, there is a breach of contract.” Whenever a breach of contract happens, the party claiming to be breached is “entitled to a number of damages and are entitled to numerous remedies to seek redress of the grievances.” (Mesriani Law Group, 2004-2008).

Remedies for Breach of Contract: A Review

The remedies of breach of contract are divided into two categories: monetary and non-monetary. The presentation started with haste because a definition of the term, “breach of contract,” should have been a better introduction of the slide. On the second slide, the term “liquidated damage” was elaborated immediately. It is a monetary remedy, but it was implicitly discussed. There should be a slide before this to introduce the monetary category of the remedies and a proper introduction suggested is: “these are the monetary remedies for breach of contract.” The term “Liquidated damage” wasn’t even defined clearly. Is it a reward or a penalty? (Breach of contract, slide 2). On the next slide, Nominal Damage was discussed. Again, the word “nominal” should have been defined. Notice that on the second slide, it stated there that liquidated damages should be “nominal,” if this is the case, how is it different from “Nominal damages?” (Breach of contract, slide 3). Punitive damage was discussed on the next slide, but again, the word “punitive” should have been defined. It should also state what kind of remedy it is, and it’s not clear if it’s a reward or a penalty. (Breach of contract, slide 4). Injunction was presented on the following slide, but no proper introduction was given because this slide started to cover the non-monetary remedies. Again, definition of “injunction” should have been stated. Restitution, another form of remedy, was said to prevent “one party from benefiting from something at the expense of another party.” No concrete example was given to explain this phrase, because the fact is, all remedies are there to prevent “unjust enrichment.” (Breach of contract, slide 6). The summary part of the slide was very brief and disorganized. It should summarize the monetary remedies first, then the non-monetary. Punitive and restitution had been specially mentioned, but the others were not. There should be a balanced, equal discussion of all the damages, if the presenter had to define just two among them. (Breach of contract, slide 8).

Appendix G

Presentation Notes*

What is the main point of this presentation?
The presentation focused on the different types of remedies that can be monetary or non-monetary to settle the parties involved in the breach of contract.

Compare and contrast this topic with the topic you presented.
The topic I covered is about Legally Enforceable Sales Contract. The promising party and the promisee enter into a mutual agreement under a contract. Comparing it to the presenter’s topic, it comes hand in hand with my subject, because if any misrepresentation happened on the part of the agreement by the promising party, there is breach of contract. The promisee is entitled to press for damages toward the promising party. Thus, different remedies to settle the breach have been made.

What did you learn most about this topic that was unclear or unknown before?
Not all remedies to solve breach of contract require monetary reward.

Were any of your questions about this topic left unanswered? If so, what are they?
I doubt if the ones given in the report are the only remedies that can be done to solve breach of contract. There are more remedies but were not discussed.

(Reinking, J. A. et al. 2003)

References

  • Reinking, J. A., Hart, A. W., & Von der Osten, R. (2003). Strategies for successful writing: A rhetoric, research guide, reader, and handbook (6th ed.). Boston: Prentice-Hall/Pearson Custom Publishing.
  • Mesriani Law Group. 2004 – 2008. Breach of Contract.
  • Breach of Contract. A power point presentation

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