The term contract under Section 2(h) "An agreement enforceable by law is a contract" is defined in the Indian Contract Act, 1872. A contract is an agreement between one or more parties to create a legal obligation between the party and the parties that is enforceable by law. When one or more parties come to a contract to execute the same thing and the same senses in order to achieve a common goal. In the contract, both parties take into account the execution of the contract. When parties to the agreement agree to give up on something to get something in return, without consideration there are no contracts this something in return called the consideration. The term of breach of contract in the Indian Contract Act is defined by Section 39 of the Indian Contract Act, 1872. This section states that if a party has refused to fulfil or failed to fulfil its contractual promises, failed to fulfil or disabled itself from fulfilling its promise, this promise may put an end to the contract unless it has expressed or fulfilled its acquiescence in its continuance by words. This means that if one party has promised to fulfil its commitment in a contract and if the party fails to fulfil that promise, it creates a breach of contract if it is legally binding to fulfil that promise.

Provisions regarding Breach of Contract:

The consequences of a breach of contract in the Indian Contract Act, 1872, are defined under Sections 73 to 75:

• Damage compensation due to breach of contract (Sec 73)

If one party can break the contract and another party can suffer from such a breach of contract, it is an obligation to get and receive the contract from another party that broke the contract. There will be no such compensation for any remote and indirect damage due to the breach.

• Compensation for failure to discharge contractual obligations. If a contract is concluded between the parties who are injured by the non-discharge, they are entitled to receive the same amount as the form of compensation. The inconvenience caused by the non-performance of the contract is damage resulting from a breach of contract.
• Compensation for breach of contract provided that the penalty is provided for (Section 74). If a contract is concluded between the parties who are injured by the non-discharge, they are entitled to receive the same amount as the form of compensation. In the event of such a breach which does not exceed the amount of the penalty stipulated, the penalty and amount should be paid. A stipulation of increased interest from the date of default may be a penalty stipulation.
• Contract entitled to compensation rightfully terminated (Section 75)

A person who correctly rescinds a contract shall be entitled to compensation for any damage suffered by the non-fulfilment of the contract.

Remedies for breach of contract

• Specific Performance

When the monetary damages are not sufficient to compensate the complainant, this Specific Performance remedy is used in the contract, this remedy is used when in the case involving giving the complainant a piece of land or a valuable item.

• Reformation

Some time may be used in the contract reform remedy in which the court can reform or alter the contract to correct any inequities. In this, only the terms of the contract can be rewritten to do justice instead of setting aside the entire contract.

• Restitution

Restitution is a contractual remedy for the purpose of restoring the injured party to the position held before the contract. For example, the defendant is used by the plaintiff to return or give back any money or property received. In other words, because of the breach of contract, the same as restitution is not used to compensate the plaintiff.

• Rescission

Rescission is a remedy used in the contract act in breach of contract, Rescission defines that contract that is terminated by the court's order, that use of the remedy when the parties enter into a contract due to fraud, undue influence or error is the only way to do justice is to terminate the contract.

• Damages

Money Damages is the monetary information that the infringing party must provide to another party for the breach of the contract or the breach of the contract terms or conditions. If the total breach is committed, the claimant may recover the sum of the total value, but if the total breach is committed, the claimant may recover the sum equal to the amount. Compensatory damage and punitive damage are different types of damage.

When one or more parties are able to enter into an agreement that is enforceable by law and create a contract, both parties are bound by this contract to fulfil their promises. If one party fails to fulfil its obligation and breach the contract, then the other party may suffer loss from this breach of contract, we can discuss above which factors to consider when assessing damages a breach of contract. For breach of contract, there are so many remedies available.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts that have been made to ensure the accuracy and correctness of the information published, White Code Legal and Tax shall not be responsible for any errors caused due to human error or otherwise.