Contracts are legally binding agreements between two or more parties, with the parties agreeing to play specific roles relating to the terms of the document. Ideally, all parties involved are happy to meet the terms of the agreement and no disputes arise.
But no matter how eager the parties seem or how simple the agreement is, you should always be prepared for the possibility of a breach of contract.
Put simply, a breach of contract is when one or more parties fail to keep to one or more terms laid out within a contract.
Some examples include not contributing the specified amount of capital to a shared business venture, not completing a service by the given date, or failing to meet the performance metrics laid out in the contract. Should one or more parties fail to fulfill their obligations, other parties are entitled to seek legal remedies.
Yes. There are four main types of breach of contract. These are:
The answer to this comes down to how severe the breach is and what your losses are. It is advisable to speak with a contract attorney to determine the next steps to take since part of their role is to assist with disputes and enforcement. It is possible that if the breach is minor or your losses small that taking legal action will be more costly than rewarding.
The best way to protect yourself in the event of a breach is to have a high-quality contract lawyer on your side. ContractsCounsel is a boutique marketplace that puts you into contact with vetted contract lawyers who know your industry as well as state and federal law. Protect your interests; work with ContractsCounsel.com.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.