Below are common example of acts that may constitute breach of a business contract, for example: 1) failing to make timely payments, 2) failing to deliver goods after payment was received, 3) delivering the wrong goods, 4) delivering goods late/damaged, 4) failing to surrender business property after the transfer or sale of a business, 5) or violating confidential business information. The list of possible breach of contract cases is lengthy.
A Business Contract
A business contract is a contract that is formed between either two business entities, merchants, or persons who have knowledge in the dealing of certain goods. This type of contract can cover a range of business operations and is enforceable so long as they contain the elements of a valid contract, such as offer, acceptance, and consideration.
Monetary remedies for a Breach of Contract
Regardless of the type of breach that has occurred, you should be aware of the fact that there are remedies available to you such as:
- Compensatory Damages: Get what is owed to you to reimburse costs and compensation for your losses.
- Consequential and Incidental Damages: Get what is owed to you if everyone involved was aware of potential losses when the contract was signed.
- Liquidated Damages: Get what is owed to you if it was specified in the contract.
- Attorney’s Fees: Get this compensated for when it is included in the contract or authorized by statue.
Breach of contract disputes are very common in today’s courts because they primarily impact businesses. Know your rights, options, and legal remedies so that this legal battle can be less painful. We are prepared to help you.
The law governing business contracts is complex. Our experienced business lawyers can help you secure and protect your financial interest by drafting or reviewing any current or future business contracts. If you believe that a party you are contracting with has failed to meet its obligations, you should contact Webb Law Group, APC.