Breach of Contract – What Now?
Business contracts are an essential aspect of the success of a company. You are expected to fulfill your obligations under the contract while the other party fulfills theirs. Unfortunately, contracts of any kind do not always work out in the way they are expected to. Rather than doing nothing when a breach of contract has occurred, it is important to remember that the contract is enforceable by law.
Depending on the type of breach and the amount of money involved, lost monies may be able to be recovered in small claims court. However, the best option for you when the dollar amount of the lost finances exceeds the court’s maximum is to hire an experienced attorney. In more complex breach of contract cases, this is also the best course of action. In some cases, the amount of money and time spent going after the monies owed may not be reasonable. Of course, in cases where there was a significant loss, hiring a reputable attorney to fight for you is best.
The four breach categories include:
- Material Breach – the most serious of breaches, and is when one party fails to fulfill their end of the contract.
- Fundamental Breach – the wronged party is allowed to stop performance and sue for damages.
- Anticipatory Breach – a breach is about to happen.
- Minor Breach – only a portion of the contract is breached.
In all cases of contract breaches, it must be credible. The signed contract, date it was executed, date of the breach, and the amount of money lost, must be available for your lawyer to evaluate. A qualified attorney can explain what is involved in each of these breach categories and more.
The attorneys at Stratton and Green, LLC can help. For more information on breach of contract, contact them today.