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What is the law on breaching business contracts?

In the unpredictable and imperfect world that we live in, contracts that are not abided by is an unfortunate reality. This might be a situation where a payment arrives late, or an unexpected event occurs to change the circumstances that the original contract was created around.

This blog acts as a brief overview to how the law can protect those who have had a contract breached.

What does "breach of contract" mean?

A business contract often lists certain obligations for the parties involved. From a legal standpoint, if even the most minute of obligations stated within the contract is not fulfilled, this constitutes a breach of contract. Laws differentiate breach of contracts by whether they are "material" or "immaterial".

What can happen when a breach of contract occurs?

If one of the parties involved has reason to believe that a breach of contract has occurred, they may want to enforce the terms of the contract. If they have suffered financially from the fact that the contract was breached, they may want to recoup their losses. This attempt to recoup costs may result in a dispute. If this happens, a lawsuit may take place. If the value at stake is below $7,000, the issue may be settled in small claims court.

Legal advice

If you believe that a business contract has been breached and you would like to claim damages, or if you have been accused of breaching a contract, you may want to seek legal advice from a business litigation expert.

Source: Find law, "Breach of contract and lawsuits," accessed July 28, 2017

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