Contracts
Contracts
Contracts are legally binding agreements between two or more parties that outline specific rights, responsibilities, and obligations. They can be written or verbal and are enforceable by law when certain elements are present—such as an offer, acceptance, mutual consent, consideration (something of value exchanged), and legal capacity of the parties involved.
Contracts are used in nearly every area of life and business, including employment, sales, leases, and services. A well-drafted contract helps prevent disputes by clearly defining expectations and remedies in case of a breach. If one party fails to fulfill their obligations, the other may seek legal remedies such as damages, cancellation, or enforcement of the contract terms.
Breach of Contract Litigation
Breach of Contract occurs when a party fails to uphold their obligations under a legally binding agreement, without a lawful excuse. This can include failing to deliver goods or services on time, refusing to pay, or providing substandard work. Breaches can be minor, partial, or material, depending on the severity of the unfulfilled obligations and their impact on the other party. Examples of Breach of Contract can include:
Failure to deliver goods or services on time: A company fails to deliver a product or service by the agreed-upon deadline.
Failure to pay: A party doesn't make the payments outlined in the contract.
Substandard performance: A contractor delivers work that falls below the agreed-upon quality standards.
Partial performance: A party only completes a portion of the work outlined in the contract.
Failure to comply with contract terms: A party fails to meet any other specific obligation stated in the contract.
Anticipatory Breach: A party notifies the other party that they will not be able to fulfill their obligations, even before the performance date.
Material Breach: A breach that is so substantial that it affects the core purpose of the contract, potentially allowing the other party to terminate the agreement. For example, a contractor failing to start a construction project.
Minor Breach: A breach that is less significant and may not allow the other party to terminate the agreement but could still lead to damages. For example, a vendor delivering goods slightly different from what was agreed upon.
