Can there be a remedy if there is no formal agreement or contract?

Expert Solution

No, there can not be a remedy if there is no formal agreement or contract. As we know that formal agreement or contract provides base for business dealings because in case of breach of formal agreement or contract, affected party can go to court for remedies but in case of absent of formal agreement or contract, affected party can not challenge other party in court due to no formal agreement or contract.

We know that followings remedies are available in case of breach of formal agreement & contract;

· Damages,

· Specific Performance, or

· Cancellation and Restitution

So it is clear that when there is no formal agreement & contract then there will not be any remedies available. In case of no formal agreement & contract such conditions can be solved with mutual understanding of both parties of the business dealings.

ekkarill92 answered 1 year ago

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