The most common remedies available to a nonbreaching party include damages, rescission and restitution, and specific performance.

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This statement is true. Damages refer to monetary compensation awarded to the nonbreaching party for losses suffered as a result of the breach. Rescission and restitution involve canceling the contract and returning any benefits or payments that have been made. Specific performance requires the breaching party to fulfill their obligations under the contract as agreed upon.

The Most Common Remedies Available to a Nonbreaching Party Include