Remedies in Contract Law

Remedies in contract law refer to the actions a party can take when another party fails to fulfill their contractual obligations. The main types of remedies include damages, which involve monetary compensation for losses; specific performance, where a court orders the breaching party to fulfill their contract; and rescission, which cancels the contract entirely. These remedies aim to restore the injured party to the position they were in before the breach, ensuring fairness and accountability in agreements. Essentially, they provide solutions when promises in a contract are not kept.