While one party's breach of a contract may result in damages, it may have defenses against the claim. You should be aware of these defenses. Lastly, it is important to be aware of the remedies available for a party that is the victim of a breach of contract. As noted in subunit in earlier units, once a contract is formed and the parties are bound by the contract, the parties generally have a legal obligation to perform according to the terms of the contract. This is why it is so important to determine when and if performance has occurred. For this subunit, focus on the material describing how performance is determined.
Please read The Legal and Ethical Environment of Business: “Chapter 6: Section 2: Performance and Discharge, Breach, Defenses, Equitable Remedies” (PDF)
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