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What damages apply for a breach of contract to buy property?

On Behalf of | May 12, 2016 | Contract Disputes |

In the legal world, a slight change in facts can dramatically change the outcome in one case compared to another. This is because different rules of law may apply based on the different set of facts, or perhaps the same rule can be applied differently when there are different facts involved.

Last week, for instance, this blog discussed how Miami businesses can obtain compensatory damages when there has been a breach of contract by another party, as well as special damages in certain cases. The measure of damages may vary from case to case, however, depending on the particular claim involved.

In business litigation involving a breach of a contract to buy real property, the measure of damages is typically the difference between the contract sales price and the fair market value of the property on the date the contract was breached. There may also be additional damages if they were contemplated by the parties when the contract was agreed.

These damages apply when monetary compensation is at issue. In other cases, a party might seek specific performance of the contract. This means the party can ask the court to order the other party to perform the contract, such as by conveying a piece of property in its possession. This remedy is not always available or feasible, however, depending on the particular situation.

It is vital that individuals understand the measure of damages that may apply in their particular case, as the amount and type of damages at stake can influence how decisions are made before and during litigation. The measure of damages may also impact the kinds of evidence that must be provided in order to prove the case during trial.

Source: Florida Supreme Court, “Florida standard jury instructions – contract and business cases,” accessed on May 7, 2016