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some remedies for breach of contract. Here are some common remedies for breach of contract:
1. Specific Performance: In cases where the subject matter of the contract cannot be replaced by
monetary damages, a specific performance remedy is applied. In this remedy, the court orders the
breaching party to perform a specific act that was agreed upon in the contract.
2. Monetary Damages: The most common remedy for breach of contract is monetary damages. This
remedy requires the breaching party to pay the non-breaching party an amount of money that is
equal to the actual losses that they suffered due to the breach.
3. Rescission: The remedy of rescission applies when a party cancels or terminates the contract due
to the breach of either party. In this remedy, each party returns all consideration given, and the
contract is effectively canceled.
5. Liquidated Damages: Liquidated damages are a predetermined amount of money that parties
agree to pay in the event of a breach. This remedy usually arises when a breach of contract may
cause uncertain losses, and the amount of those losses cannot be easily determined.