When entering into a transaction with another party for goods or services, it is always in the best interest of both parties to execute a signed contract, detailing the terms of the agreement. However, this does not always guarantee a favorable end result, as there are a number of ways that a breach of contract may occur.
What is a Breach of Contract
When two or more parties have entered into a contract, each party promises to perform a certain duty or pay a certain amount. A breach of contract occurs when one party does not fulfill their obligation according to the terms of the contract. The remaining parties must then decide whether to accept it and move on or bring legal action to find a resolution.
Types of Breaches
A breach of contract can be classified in several different ways and damages would be based on the severity of the breach. Failure to perform a nonessential condition of a contract would be considered minor, while more significant damages can be awarded for substantial violations, including the right to terminate the contract.
Types of Damages That Can Be Awarded
Typically, the amount of monetary damages awarded is the amount that it would take to make the aggrieved party whole, such as the actual value of the goods or services that were supposed to be provided. A court could also force the breaching party to complete the service or deliver the goods that were promised in the contract. If the breach was particularly heinous, a judge could award punitive damages, an additional monetary sum meant to punish the offender. An experienced attorney, like those at Churchill, Quinn, Richtman & Hamilton, can help determine what type of damages you would likely receive.
When to Consult an Attorney
The first step in resolving a contract dispute is to notify the party in breach of the contract and give them the opportunity to resolve it. If this does not result in an appropriate response, speaking with an attorney is often the best course of action.
Contract law is very complex. Resolving disputes can be intricate and complicated, often involving a vast number of variables that may affect the outcome of a lawsuit. The attorneys at Churchill, Quinn, Richtman & Hamilton have a precise understanding of the law and have successfully litigated all sizes of contract disputes. Contact us at 847-223-1500 or visit grayslakelaw.com for more information.