When two parties sign a contract together in North Carolina, they are both bound by the terms of the contract. A party that does not comply with the responsibilities that are set forth are in breach of the contract. A contract breach could lead to a lawsuit, and there are certain types of remedies that might be available to the aggrieved party.
Remedies in law are monetary remedies, and they may be paid for various types of damages. One type of damages that may require remedies in law is compensatory damages, or the cost to fulfill specific promises in a contract. Restitution is another kind of financial damages that may be pursued in a breach of contract lawsuit. Restitution is when one party reimburses another party for the money that they spent. Punitive damages are payments that are intended to punish the party that breached a contract.
Many breach of contract lawsuits are resolved with non-financial court orders called remedies in equity. A remedy in equity could be a court order to cancel a contract so that the parties are no longer bound by its terms. Another kind of remedy in equity is a court order that requires one party to perform a service for another party so that the terms of a contract can be fulfilled.
A business owner that is involved in a breach of contract dispute may want to work with a corporate contract law attorney. In many cases minor breaches can be resolved through negotiations so that a lengthy and expensive court battle can be avoided.