What Remedies Are Available for Breach of Contract?

There are many types of contracts for both goods and services. Depending on the contract, different remedies are available when the other party breaches his obligations.

We can help your practice stay on top of the latest healthcare news, rules, regulations and trends.  Subscribe to stay current and up to date on important matters that will impact your practice.  (To subscribe to our blog ).

While contracts vary in many ways, to be a valid contract, all contracts must have an offer, acceptance and consideration.

One clause that may vary from contract to contract is a remedy for breaching the contract.

A breach occurs when a party fails to uphold their obligations of the contract.

There are many types of remedies, but the most common categories of remedies are:

  • Specific performance
  • Damages
  • Cancellation  

Specific performance forces the party in breach to uphold their end of the deal. This is usually a remedy when the other party cannot get the good or service anywhere else. 

Damages are financial losses that result from the breach. Damages can also act as a punishment for breaching parties that perform wrongful acts. 

Finally, cancellation allows the non-breaching party to get out of the agreement without any liability. 

It is important that you carefully review your contracts with an attorney prior to executing. You should know exactly what remedies are available to you, and what remedies are not available. 

Sometimes, contracts will have alternative dispute resolution provisions that dictate an out of court process for issues. This could change the potential damages and could impact the cost to you for engaging in the dispute. 

There are many things to consider when reviewing a contract, but remedies should be at the top of your list. 

If you have any questions about your business contracts, call Rickard & Associates today!

We publish vital information on health law topics and news every Wednesday and Friday. To get this important information delivered directly to your mail box, 

Do you need help with updating your Business Associate Agreement or negotiating contracts with third-party vendors?  We can help. Contact us today about your Business Associate Agreement, your vendor contracts or your other legal needs!

Related Posts

Categories

Recent Posts

Do Cyberattacks Increase Mortality?
October 4, 2022
When Should I Have an Estate Plan?
September 29, 2022
The Dangers of Unpatched Medical Devices
September 27, 2022
Michigan: What Happens to Your Assets When You Don’t Have an Estate Plan?
September 22, 2022
Is Cancer on the Rise?
September 20, 2022

Subscribe

Enter your email to subscribe now and receive your FREE HIPAA Risk Assessment book!

An essential tool for all healthcare providers, Easy Guide to HIPAA Risk Assessments breaks down the requirements of HIPAA so you can successfully complete your required risk assessment.

 

Get it now for FREE (an $8.99 value!)

One more step! Please check your email to confirm your subscription and receive your FREE book!