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What remedies are available after a breach of contract?

On Behalf of | Jul 11, 2019 | Business & Commercial Litigation

Tennessee businesses thrive when the contracts they enter into are properly drafted, effectively executed and completely performed. That is to say, when contractual parties fulfill their obligations to each other and do what is expected of them under their agreements, they should all come out of their contractual relationships with what they want and need. In order to ensure that contracts meet these elements, businesses can work with business and contract attorneys who can support their contractual goals.

However, as readers likely know, not every contract that is created will be completed as intended. When a party fails in their duty to effectively perform under the terms of their agreement, they may commit a contractual breach. Contractual breaches can leave other parties with losses and other forms of harm that can impact the success of their businesses.

A party that is harmed by a breach of contract can seek damages for their losses. Like the damages that personal injury victims seek, business entities can recover damages to compensate them for what they have lost. Other forms of damages may be available as well. If damages are not an adequate remedy, an aggrieved party may seek to have the other compelled to perform their contractual duties. This is known as specific performance.

When neither damages nor specific performance will achieve an aggrieved party’s goals, they may seek to terminate their contract and receive restitution from the other party. Breaches of contract can be costly and time-consuming to Tennessee businesses, and those that have been affected by them may wish to enlist the services of knowledgeable attorneys to help them get the remedies they need. This post is only offered as information; specific legal advice on Tennessee law should be sought from local legal practitioners.