If one of the parties to a agreement fails to deliver 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 that, at the time of the agreement, there would be potential losses if there was a breach.
Attorney Fees and Costs - Only recoverable if expressly provided for in the agreement.
Liquidated Damages - These are damages specified in the agreement that would be payable if there is a fraud.
Specific Performance - A court order requiring performance exactly as specified in the agreement. This remedy is rare, except in real estate transactions and other unique property, as the courts do not want to get involved with monitoring performance.
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.
