REMEDIES FOR BREACH OF CONTRACT
When an individual breaches a part or a whole of a contract, there is an opportunity to remedy which may include any or few amongst the following.
REMEDIES FOR BREACH OF CONTRACT
If any wrong has been committed, the law provides a remedy. The case of breach of contract is not different. When an individual breaches a part or a whole of a contract, there is an opportunity to remedy which may include any or few amongst the following.
A. Damages: Damages are applicable to both the vendor and purchaser pending on who among them was in breach. The relief of damages is often granted when restitution in integrum (restitution in full) is difficult.
B. Order of Specific Performance: Either of the parties can seek for an order of the specific performance where the other party fails to perform his/her part of the contract
C. Rescission: The vendor can rescind the contract where the purchaser fails to pay the purchase price.. On the other hand, withdrawal from the contract by purchaser can also be done if there is fraud, misrepresentation, duress, breach of fundamental term, or title is defective. The option for rescission is only for the innocent party.
D. Declaration of Title to Land: The aggrieved may seek declaration of title to the land.
E. Injunction: If the vendor breaches the contract of sale, purchaser can seek an injunction to restrain him from selling the land to another person.
F. Forfeiture of Deposit: If the purchaser breaches the contract, he forfeits his deposit to the purchaser.
G. Recovery of Deposit: If the vendor breaches the contract, the purchaser is entitle to recover back his deposit.
H. Lien: Where the purchaser has failed to complete the balance of the purchase price after he has made part payment, the vendor can have a lien over the property pending when the purchaser pays the balance. The balance now becomes a debt to be recovered by the vendor.
I. Rectification: Correction of a term of the contract may be embarked on, in cases where there is mistake written into the contract as it was not an agreed upon.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080