Which of the following is NOT a remedy for a breach of contract?*A) Specific performanceB) Liquidated damagesC) RescissionD) Exemplary damages
Question
Which of the following is NOT a remedy for a breach of contract?*A) Specific performanceB) Liquidated damagesC) RescissionD) Exemplary damages
Solution
The correct answer is D) Exemplary damages.
Here's why:
A) Specific performance is a remedy for a breach of contract. This is when the court orders the party who broke the contract to perform their duties as specified in the contract.
B) Liquidated damages are also a remedy for a breach of contract. This is a predetermined amount of money that must be paid as damages for failure to perform under a contract.
C) Rescission is another remedy for a breach of contract. This is when the contract is cancelled and both parties are put back in the position they were in before the contract was made.
D) Exemplary damages, also known as punitive damages, are not a remedy for a breach of contract. They are damages exceeding simple compensation and awarded to punish the defendant. They are not designed to remedy a breach of contract but to punish wrongful actions.
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