When there are multiple remedies available for a breach of contract action a party must choose one and be bound by it?

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When there are multiple remedies available for a breach of contract action a party must choose one and be bound by it?

Doctrine provides that if two or more remedies exist that are repugnant and inconsistent with one another, a party will be bound if he or she has chosen one of them.

What does election of remedy mean on credit report?

Election of remedy. Definition: A car or other item is repossessed, but the value is less than the balance due. The credit grantor must consider the account paid and cannot collect the difference in the amounts. Account transferred to another lender.

What legal remedies might be available to a non breaching contractual party?

The non-breaching party will need to demonstrate that the other party failed to perform in order to be entitled to any type of remedy….The remedies available for a contract breach include:

  • Monetary damages.
  • Specific performance.
  • Rescission.
  • Liquidation damages.

What is the most likely remedy available if an agreement of purchase and sale of real estate is breached?

Essentially, there are three options available to the non-defaulting buyer: Allow the contract to collapse and, thereafter, demand the return of the deposit; Sue for specific performance of the contract; or. Accept the repudiation/breach of the contract and sue for damages.

What does business type BB mean on credit report?

BS. Prepaid lease. Definition: Consumer paid lease in advance. No monthly payments are due.

What does lease full termination mean?

A full termination will result in the lessee relinquishing the right to use the entire leased asset. This requires the lessee to derecognize the full right-of-use asset and lease liability.

What is the difference between remedies at law and remedies in equity?

What is the difference between remedies at law and in equity? Remedies at law are limited to payments of money or property (including land) as damages. Remedies in equity is available only when there is no adequate remedy at law. an established rule of law set by a previous court decision.