DJ ÌRÀWỌ̀ LIMITED: LAW OF CONTRACTS : Your Sword, Your Shield 11 (Conclusion)

Ekaabo!

Last time, I wrote about the different ways by which contracts can be discharged. Read it here.

I proceed to the concluding part of the Law of Contracts.

REMEDIES FOR A BREACH OF CONTRACT

A party who has suffered a loss or is injured as a result of the contract by the other party will be entitled to some remedies under the law, depending on the circumstances of the breach.

Damages

These are awarded to an injured party in order to place him in the position he would have been if the contract had been fully performed.

Quantum Meruit

This is a claim for reasonable remuneration commensurate to the work done.

This usually occurs in cases of substantial performance of the contract by the party claiming or prevention from completion by the other party.

Specific Performance

The court may order or compel a party to perform fully what he had contracted to do.

Injunction

This is an order given by the court to restrain a party from breaching a stipulation if the contract, especially an undertaking not to do something.

Repudiation

A party who is affected by the breach of the other party may elect to repudiate or rescind the contract and treat himself discharged from further obligations.

Rectification

Where the contract is affected by mistake relating to documents, the court may remedy the mistake by rectifying the document and order specific performance of the contract, as rectified.

In bringing an action against a defaulting party, the maxim of,

Delay defeats equity
Equity aids the vigilant, not those who slumber on their rights.”

should be applied in order to get justice on time.

On this note, I come to the conclusion of the Law of Contracts: Your Sword, Your Shield.

I believe that you have garnered basic information useful for your business, art and law assignments.

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