Applicable remedies in the event of a breach of contract
According to the Californian state laws there are many remedies for breach of contract.
1. Compensatory damage to put the non-breaching party to the position he was before the breach took.
2. Nominal damages are awarded when the breach happened but the non-breaching party did not incur any actual money loss.
3. Liquidated damages: these are specific damages identified by the parties to the contract, if the contract was breached. It is an estimate of actual damages that may arise from a breach.
4. Punitive damages: these payments have to be made by the breaching party. This damage is meant to punish the party which had breached the contrast for committing wrongful acts and is rarely awarded in business.