- Breach of Contract
- Commercial Fraud
Breach of Contract
Businesses enter into negotiations on a daily basis with many different parties, including joint venture partners, suppliers, employees, and customers. Many times, these negotiations give rise to a contract. A contract is a legally enforceable agreement between your business and another contracting party. A breach of contract occurs when one party fulfills their contractual duties while the other party fails to act as promised. When this happens, the non-breaching party is entitled to legal relief.
A contract is formed when there is an offer, an acceptance of the offer, and consideration. The offer and acceptance can be conveyed orally or in writing. Consideration is a fancy legal term that refers to the change in the position of your business in exchange for a change in the position of the other contracting party. There is a change in position when your business has acted, refrained from acting, or promised to do either. These are the basic elements that form a valid contract.
Damages and Other Legal Remedies
If you feel that your business has a valid contract and the other contracting party has breached the contract, you may be entitled to damages or other legal remedies. The exact financial measure of damages depends on the circumstances surrounding your contract. Generally, the non-breaching party is entitled to the benefit of the bargain as the basis of their damages. In rare circumstances where fraud was used to induce entering into a contract, punitive damages to punish the defrauding party may be awarded. In other cases, equitable remedies such as specific performance (requiring the breaching party to perform their duties under the contract) or rescission (placing a performing party in the same position as before the contract was formed) may be required by the court.
Please speak with our office if you feel that there has been a breach of contract involving your business so that we can protect your business’s legal rights.
Have you or your business been the victim of another company’s or individual’s deceptive business practices? Perhaps your business has purchased goods that turned out to be counterfeit, or purchased equipment that were later revealed to be substandard. Or maybe your business entered into a contract based upon the false statements of the other contracting party. These are all examples of the area of law known as commercial fraud. Generally, fraud can occur when a person suggests a statement of fact that he knows to be false, when a person fails to disclose a material fact, or when someone makes a promise without any intention of performing it. If your business has lost money or business opportunities as a result of the swindling acts of another party, you may be entitled to damages. Please contact our office so that we may recover your money from the cheating party.