What are the remedies for a breach of contract that apply to the law of property?
What will be an ideal response?
When a party breaches a real estate contract, the non-breaching party is entitled to remedies for breach of contract. The standard type of remedy is damages (money) equal to the loss of the benefit of the bargain. Therefore, the non-breaching party’s damages are the difference between the contract price and the value of the property at the time of the breach.
A rescission results in the contract being terminated and the non-breaching party is restored to the position he would have been in if the contract had never been entered into.
Liquidated or stipulated damages are common provisions in real estate contracts because actual damages are difficult to ascertain. The law allows for the parties to agree in advance as to the amount of damages to be collected in the event of a breach. In most real estate contracts, if the buyer is in breach of the contract, the amount of the deposit being held under the contract, is deemed to be forfeited as liquidated or stipulated damages.
The buyer may also seek an equitable remedy from the court known as specific performance. The court might order the seller to convey the property to the buyer, as agreed to in the contract.
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