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Discussion 2
Discussion 2
Discussion 2
In general, the remedies for breach of contracts look fair to me. Various treatments exist for a
violation of the agreement. Depending on the situation, the necessary compensation or remedy
can be decided. Different types of remedies equitable remedies (rescission, restitution, specific
performance, and reformation), monetary damages (compensatory, consequential, punitive, and
nominal), and Alternate Dispute resolution (non-litigation) which includes mediation, settlement
conferences, neutral evaluation, and arbitration. The non-breaching party may select a strategy
that suits best with their situation with numerous available options.
In my case, I think the remedy was fair since I had to breach the contract due to my situation, and
I am glad that we're able to settle it down via monetary negotiation.
References
Cross, B. & Miller, R., 2018. The Legal Environment of Business, 10th edition, Cengage
Learning (Chapter 13: Contract Performance, Breach, and Remedies).