One of the parties to the contract is in breach; the other party (the victim or the aggrieved party) is entitled to a contractual remedy or remedies. This form of breach, also known as anticipatory breach of contract, occurs when one party positively states that he or she will not substantially perform a contract. Upon repudiation of an oral contract governed by the Statute of Frauds, the nonbreaching party is not entitled to her expectation interest, but she may recover in restitution unless the purpose of the statute would be frustrated. ... what constitutes breach of contract, and remedies for breach of contract. Finally, in relation to breach, Article 2 has rules for “repudiation” of a contract … Often referred to as anticipatory repudiation, this type of breach occurs when the breaching party tells the non-breaching party that they will not be fulfilling the terms of their contract. Excuse by Failure of Presupposed Conditions. Equitable remedies act in personam and it is a contempt of court to wilfully refuse to comply with the court order. Contract law is a vast and ancient subject, and you can search through a lot of sources to try to answer a single contract question. Equitable remedies were originally created in accordance with principles of justice and fair play to the parties. Retraction of Anticipatory Repudiation. Thus, the two contracts are connected and it may be enforced even though it forms no constructive part of the original contract. § 2-611. § 2-614. Remedies may be awarded for breach of a collateral contract. § 2-613. Legal remedies can include a variety of different types of damages. Money damages are often used in breach of contract cases. § 2-616. In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. The court can also use other remedies for breach of contract. PART 7. The chapter finishes with the requirements for a valid offer and acceptance. Legal remedies for breach of contract. Casualty to Identified Goods. Rescission is the unwinding of a transaction. Promissory in nature. § 2-615. There are several remedies a court can impose on parties in a breach of a contract case: rescission, restitution, specific performance, injunction, reformation or quasi-contract. Rescission for breach of contract is available when money … § 2-612. Procedure on Notice Claiming Excuse. The only common law remedy was damages but in appropriate cases this remedy may be inappropriate for the claimant. Anticipatory Repudiation. In general, there are two types of remedies that a party can receive for breach of contract: legal remedies or equitable remedies. Substituted Performance. "Installment contract"; Breach. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. REMEDIES § 2-701. When a breach of contract occurs the innocent party basically has two options: Either to opt for the fulfilment of the contract or to cancel the contract. A collateral contract is one where the parties to one contract enter into or promise to enter into another contract. The unjustifiable denial by a party to a contract of any intention to perform contractual duties, which occurs prior to the time performance is due. Chapter one covers contract formation, beginning with the basics: what a contract is, the sources of law, the elements of an enforceable contract, and bilateral versus unilateral agreements. Chapter two deals with contract enforceability.
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