Business Law Concentrate 3e Resources is no longer available and it was replaced by Business Law Concentrate 4e.
Chapter 5 Key facts checklists
Chapter 5 Key facts checklists
Contract IV: discharge of contract and remedies for breach
- Contracts can be discharged in numerous ways – through performance, agreement, frustration, or breach.
- In the event of frustration, the parties can establish their own remedies or they can rely on the provisions developed through the Law Reform (Frustrated Contracts) Act 1943.
- Remedies have been established through the common law and equity.
- Damages are the primary remedy in most cases, but equitable remedies include specific performance, injunctions, and rectification.
- The innocent party must proactively (albeit reasonably) attempt to mitigate his/her losses following a breach of contract.
- The courts will usually identify the award of damages following a breach. However, the parties may agree such awards in advance (called liquidated damages) insofar as they are not a penalty clause.