Remedies for breached contracts

There are four primary legal remedies available when a contract is breached:Specific Performance. When monetary damages are not sufficient, the injured party may seek specific performance. This is an equitable remedy in which the court orders the breaching party to carry out the exact terms of the contract. Rather than requesting money, the plaintiff asks the court to enforce performance to achieve a fair result. In real estate transactions, buyers most often seek specific performance against a seller who fails to complete the sale.Liquidated Damages. Many contracts specify in advance a set amount of money to be paid if a buyer defaults, most commonly the earnest money deposit. This predetermined amount is known as liquidated damages and is typically awarded to the seller.