The two types of remedies available for breach of contract are monetary relief and equitable relief.

You enter into an agreement with someone to purchase a classic car for $10,000. It will require heavy restoration before it will be road-worthy. In preparation, you begin to purchase necessary parts and tools, rent garage space, and take a day off of work to travel to the vehicle's location to pick it up. When you arrive, the seller says they are selling it to someone else for $12,000. Discuss the ways in which a court might resolve this disagreement from both a monetary and equitable relief standpoint.

Business Law

Step-by-step explanation

When resolving a breach of contract case, it requires one to prove that they entered into a valid contract, show evidence that they upheld their end of the bargain despite the other party not doing their part, the breach of contract amounted to a material or substantial violation of the terms of contract and the losses suffered were in fact caused by the breach and can be calculated with a reasonable degree of certainty. With equitable relief it refers to a type of court ordered relief for the party that is used when ordinary legal remedies such as awarding damages are considered inadequate justice for the suffering party. This remedy applied in relation to contracts whereby a situation arises in which one party either has suffered or will suffer in an extremely specific manner that makes monetary compensation alone inadequate as a remedy. They do take a variety of specific forms which are specific performance order that requires a person to perform an action such as fulfilling terms of a contract or the court orders a person to refrain from doing something specific. With monetary damages there is the amount of money that is awarded to the injured party and can be imposed as a penalty restitution or both. In this case the breach of contract requires both monetary and equitable relief whereby the breaching party will compensate for the losses that have been incurred and since you had begun with the purchase of necessary tools the court will give equitable relief in that the breaching party is required to fulfill the terms of the contract since monetary awards will not be enough for remedy.