If one of the parties to a agreement fails to perform as promised, then the other party may have certain remedies available.
Compensatory Damages - Money to reimburse you for costs to compensate for your loss.
Consequential and Incidental Damages - Money for losses caused by the breach that were foreseeable. Foreseeable damages means that each side reasonably knew or should have known, at the time of the agreement, that there would be potential losses if there was a breach.
Attorney Fees and Costs - Generally recoverable if expressly provided for in the agreement.
Liquidated Damages - These are damages specified in the agreement (for example, for late payment).
Specific Performance - A court order requiring a party to perform a specific act, such as an order to transfer title to real property. This remedy is rare, and a court will generally only grant specific performance if money damages are not an adequate remedy.
Punitive Damages - This is money given to punish a person who acted in an offensive and egregious manner in an effort to deter the person and others from repeated occurrences of the wrongdoing. You generally cannot collect punitive damages in agreement cases.
Rescission - The agreement is canceled and both sides are excused from further performance and any money advanced is returned.
Reformation - The terms of the agreement are changed to reflect what the parties actually intended.
