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CRITICAL ANALYSIS OF BREACH OF CONTRACT AND ITS REMEDIES
Authors
Sukhmanpreet Kaur,Karandeep Singh
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Keywords
legal obligations, damages, injunction, nominal, breach, doctrine, conditions, quantum meruit.
Abstract
The Contract has prevailed in society since the very beginning of time, it was earlier practiced in a simple form of a barter system in ancient times. It is defined as an agreement enforceable by law, which requires at least two parties and an intention to create a legal obligation. There is also a presence of consideration in a contract. A contract may be valid, void, or voidable. Not every contract that is made does not have to be fulfilled at times it is also subjected to breach, which can be done by one or both parties. A breach is a failure, without a legal excuse to perform part of a promise or whole made under the contract. To avoid the breach of contract both parties must fulfill the obligations given under the contract. Thus, when a party fails to fulfill the conditions given under the contract it can be called the breach of contract. The party that breaches the contract is referred to as the breaching party, and the other party that suffered some loss or had fulfilled their part of the contract has the right to claim the damages/compensation from the breaching party. The breach may be of two types that are, the actual breach (initial or subsequent) and the anticipatory breach (implied or express). A breach occurs when damage is done, and various types of damages include general damage, special damage, nominal damage, exemplary/vindictive damage, or liquidated damages/penalty. Hence, when the breach occurs there is always a remedy available, like the legal maxim "Ubi jus, ibi remedium" states, where there is a right, there is a remedy. There are various remedies available for the breach of contract which include the following, damages, injuntion, specific performance, and quantum meruit.
The study will focus on the concept of the breach of contract and the remedies available to the party that faces the loss, according to the Indian Contract Act, of 1872. The thesis will also discuss the introduction and evolution of the Indian Contract Act and its significance in Indian society.
IJCRT's Publication Details
Unique Identification Number - IJCRT2401251
Paper ID - 249164
Author type - Indian Author
Page Number(s) - c62-c66
Pubished in - Volume 12 | Issue 1 | January 2024
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No Of Downloads - 86
Author Country - India, 140306, Mohali, Mohali, 140306, Arts1 All
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Sukhmanpreet Kaur,Karandeep Singh, "CRITICAL ANALYSIS OF BREACH OF CONTRACT AND ITS REMEDIES", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.12, Issue 1, pp.c62-c66, January 2024, Available at :http://www.ijcrt.org/papers/IJCRT2401251.pdf
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