Whenever there is breach of contract, the injured party becomes entitled to any one or more of the following remedies against the guilty party: 1. Rescission of contract, 2. Suit of damages, 3. Suit upon quantum merit, 4.Suit for specific performance of the contract, 5.Suit for injunction
- Rescission of contract: When there is breach of contract by one party, the other party may rescind the contract and need not perform his part of obligations under the contract and may sit quietly if he does not want to take any legal action against the guilty party. But in case the aggrieved party intends to sue guilty party for damages for breach of contract, he has to file a suit for ‘Rescission of Contract’. When the court grants rescission , the aggrieved party is freed from all his obligations under the contract, and becomes entitled to compensation for damages which he has sustained through the nonfulfillment of contract
- Suit of damages: Damages are monetary compensation allowed to the injured part for the loss or injury suffered by him as a result of breach of contract. The fundamental principal underlying damages is not punishment but compensation. By awarding damages the court aims to put the injured party into the position he would have been, had there been performance and not breach, and not to punish the defaulter party.