What legal remedies are available to an injured party from a breach of partnership agreement?

When an injured party experiences a breach of a partnership agreement, the primary legal remedies available are damages and specific performance. Damages refer to monetary compensation that the injured party can claim to address the losses incurred due to the breach. This could involve compensatory damages to cover actual losses or other forms such as consequential damages, which are intended to address losses that can be directly linked to the breach.

Specific performance is an equitable remedy where the court orders the breaching party to fulfill their obligations under the partnership agreement rather than simply paying monetary damages. This remedy is particularly applicable in situations where monetary damages would not adequately resolve the issue, such as in cases involving unique partnership contributions or the necessity of fulfilling a particular agreement that has significant value to the non-breaching partner.

While other options may involve various forms of dispute resolution, they do not directly align with the standard legal remedies specifically for breaches of a partnership agreement as outlined in the law. For instance, injunctions or penalties may not typically apply in partnership disputes, while mediation or negotiation is more about alternative dispute resolution rather than formal legal remedies for breaches.