Unfortunately, businesses encounter delays, financial problems, and unexpected events that affect relationships established with other companies or consumers. Legally binding contracts are created to hold parties accountable if a dispute arises. If you are facing a dispute with a business partner, you may be able to file a suit against them for a breach of contract. Our Rockford business law attorneys explain what you need to file a suit for a breached contract.
What Is a Breach of Contract?
Businesses create contracts to ensure that certain obligations are fulfilled by the parties who entered the agreement. When one of the parties fails to fulfill any of its contractual obligations, it is known as a “breach” of contract. For example, a breach can occur when a party fails to perform or deliver on time. It can also be considered a breach of contract when a party doesn’t perform in accordance with the agreements in the contracts.
Filing a Claim Against a Breach of Contract
When a contract is breached, the party affected may have the contract enforced on its terms or may try to recover for any financial harm caused by the breach. If you are trying to file a claim for a breach of contract, you will need an experienced attorney to help you obtain your desired results. You can seek the following forms of payment if your contract has been breached:
- Damages: If you seek to recover damages, you could aim to get the other party to fulfill their obligations, or you can try to get the breaching party to compensate you.
- Specific performance: If your attorney determines that there aren’t any damages that the breaching party can fulfill, you can seek an alternative remedy. Specific performance is when then you require the breaching party to fulfill court-ordered duties under the contract.
- Cancellation and restitution: This is when the non-breaching party wants to cancel the contract or decide to sue for restitution of the non-breaching party has given a benefit to the breaching party. This means that the non-breaching party is put back in the position it was in prior to the beach.
If you are dealing with a breached contract, our Rockford business law attorneys are here to help you. Contact us today at (800) 639-1488 to schedule a consultation!