Explain breach of contract. What are its remedies?
Answers
Breach of Contract :-
Breach means violation of law. The breach of contract means to break the contract or not to act upon the contract. When any party fails to perform its duties in a lawful contract it is called breach of contract. The injured party has a right to take action against the party who has failed to perform his part of contract.
REMEDIES or RIGHTS OF AGGRIEVED PARTY :-
On the breach of contract following remedies are available to an injured party.
1. Claim for Damages :-
If contract is broken, the injured party has a remedy to claim for damages and losses suffered by him. Injured party is entitled to receive compensation of loss from the party who has broken the contract.The aim of this remedy is to provide the injured party the same benefits which it would receive in case of the performance of contract.