When a party to a legal agreement doesn’t perform their agreed-upon duties without legal justification, a breach of contract occurs. Though many slighted parties jump to collect monetary awards from the offending party, oftentimes there are better serving remedies that may prove to be equally beneficial. Our previous blog talks about monetary damages available to you, which you can read more about here. Here’s a look at 3 popular non-monetary remedies that can be used in case of a breach of contract, and why they might be more beneficial than a monetary settlement:
- Specific Performance
Many times monetary awards do little to help the plaintiff receive what they paid for. In cases where a contractor has left work half-finished or poorly done, it could prove difficult to find another contractor willing to open themselves up to future liability issues and repair someone else’s poor craftsmanship. In cases like these, the court may find that ordering the breaching party to fulfill their original, contractual obligation via specific performance is the most appropriate and beneficial equitable remedy.
- Rescission
Rescission of a contract is an equitable remedy imposed by the court in an effort to bring the parties as close to the position they were in pre-contract. This remedy obligates all parties to return any benefits they were allowed while the contract was enforced. While some jurisdictions use the terms “cancelling” and “rescinding” contracts interchangeably, the state of Florida reserves rescission for some of the following instances:
- Mistake of fact or law
- Actual or constructive fraud
- Duress, coercion or undue influence
- Lack of capacity
In all of the above examples, a court may find rescission to be the most appropriate legal remedy, and would order any money exchanged to be returned and that no further legal action may be taken against the contract in question.
- Reformation
In a situation where parties have entered into a contract and later find a discrepancy between the written terms of the contract and what the parties believed the terms to be, a court might impose reformation as a remedy. Reformation allows the court to change the wording of a contract when a mistake or ambiguity in the contract verbiage is found, or one or more parties fail to understand the expressed terms. The result is a legally binding re-written contract where all parties’ intentions are better expressed and understood.
If you have questions about an existing contract, or require qualified legal help in preparing a new contract, contact the team at Campbell Legal Group to schedule a free 30 minute consultation. Our experienced legal group can prepare and deliver an airtight contract to best suite your needs and protect your interests. Contact us or call +1 (305) 460-0145 today.