An impossibility to perform a contract that was not contemplated by the partiesĪn Injured party can rescind a contract because of a breach by another party, but it is necessary that the breach must be so substantial that it defeats the purpose of the contract.The major reasons for rescission can be stated as follows This action enables the injured party to be free from his own obligations under the contract. The breach of contract tends to make discharge the contract, but the aggrieved party may sometimes need to approach the court to grant him remedies such as a formal rescission, i.e. In contract law, the term rescission refers to the unfulfilling, undoing, or not making the performance of a contract between parties.

A breach of contract is an act of failing to do something in accordance with the contract. ◉ Definition of Breach of ContractĪ breach of contract can be defined as breaking a rule or an agreement. If a party breaks a promise, the other party may be able to sue for the breach of contract. This promise is usually for the purchase of an item, for any consideration or for a service or job rendered. Remedies for Breach of Contract refersĪ contract is a legally enforceable promise. ◉ Remedies for Breach of Contract MeaningĪ remedy for the breach of contract means a special right given by law for the enforcement of a right. A right accruing to a party under a contract would be of no value if there were no provision of remedy to enforce that right in a law court in the event of its infringement or breach of contract. ► What is a Breach of Contract?Ī contract provides correlative rights and obligations. And Where there is a right, there is a remedy so here in this article, we have shared all the various kinds of remedies for breach of contract. Breach of Contract is the act of violation of any of the agreed-upon terms and conditions of a binding contract.

In breach of contract meaning