What are possible remedies for breach of contract?

When discussing possible remedies for breach of contract, the concept revolves around how the injured party can seek to restore their position prior to the breach. Damages, specific performance, rescission, and reformation are well-established legal remedies aimed at addressing the consequences of a breach.

Damages are a monetary compensation awarded to the non-breaching party to cover their losses resulting from the breach. Specific performance is a remedy that compels the breaching party to fulfill their contractual obligations, typically applicable in cases involving unique items, such as real estate, where monetary damages might not suffice. Rescission involves annulment of the contract, effectively returning both parties to their pre-contractual positions. Reformation is a remedy that allows for the modification of a contract to reflect what the parties intended, correcting any discrepancies or ambiguities in the agreement.

The other choices don't focus on remedies for breach. While injunctions, litigation, arbitration, and mediation can be involved in dispute resolution processes, they do not directly represent remedial measures for breach. Inspection, financing, closing, and negotiation pertain to elements of real estate transactions rather than remedies for breach. Lastly, terms such as settlement, offer, counteroffer, and acceptance relate to contract formation and negotiation rather than how