Contract remedies are legal solutions available when one party fails to fulfill their obligations under a contract. These remedies aim to restore the injured party to the position they would have been in had the contract been performed. Common types of remedies include damages, specific performance, and rescission. Damages involve monetary compensation for losses incurred due to the breach. Specific performance requires the breaching party to fulfill their contractual duties, while rescission allows the contract to be canceled, releasing both parties from their obligations. Each remedy serves to address the consequences of a breach effectively.