In many cases, contracts are the lifeblood of a business. These legal documents ensure that each party does what they say they will do and keep things running smoothly. That being said, when one party fails to uphold their end of the bargain, it can create a serious hiccup within the company.
If you are on the other side of a breached contract, you may be wondering, “Now what?” Before prescribing a legal remedy, it is important to determine what kind of breach occurred and the impact it may have on your business.
Four Common Contract Breaches Occurring Today
Every breach is different and can result in unique consequences based on the type of business you run. There are, however, four common forms of contract breaches as detailed below:
- Material breach: Occurs when one party fails to perform their duties as described in the contract and enables the injured business or individual to seek damages in court.
- Fundamental breach: Occurs when one party does not receive the goods or services that were promised in the contract. The injured party can take court action to cease performance of the contract and sue for damages.
- Anticipatory breach: If there is evidence that one party will not be fulfilling their end of the contract within the designated timeframe, it is considered an anticipatory breach. One legal remedy is to collect monetary damages.
- Minor breach: Occurs when one party fulfills part of their responsibilities, but not to completion. A minor breach is also considered as such when there are errors within the contractual work.
What Can I do After My Contract Has Been Breached?
Regardless of the breach that occurred, the negligent party must be held accountable for their actions. With the help of a complex litigation attorney, you can take the right steps to resolve your case as swiftly – and with as little conflict – as possible.
Remedies for a breach of contract can include any of the following:
- Compensatory damages
- Specific performance
- Incidental damages
- Attorney’s fees
The quicker you take action after a breach, the better your chances of obtaining a favorable outcome. That’s what our firm is here for. At Sacks Weston LLC, we bring nearly 100 years of shared experience to every case. Our legal stamina enables us to secure case results that many other firms would find impossible, including several billion-dollar settlements.