At the heart of the majority of business litigation is a breach of contract. In essence, a contract is a legally binding or obligated agreement among two or more parties. Thus, the foundation of the business relationship is largely based on the contract, whether it is expressed in written form or implied. Even so, if one party does not meet expectations, as indicated in the contract, the other party could legally claim that there is a breach of contract.
To better understand what makes a contract legally binding, consider the following requirements:
- All parties must agree to the terms of a contract
- Agreement of the terms must include clearly defined material
- Adequate value must be given to support the responsibilities of each party per the contract
- Phrasing of the contract must not violate public policy
- Parties involved must be competent and of legal age to enter into a contract
Given the aforementioned requirements, there are a number of circumstances that might challenge the terms of a contract, whether one party fails to meet obligations or specific terms of the contract are misinterpreted. In either case, it is imperative to consult an experienced contract lawyer to investigate your case and ensure that your rights are protected.
Throughout Richmond County and Southeastern Georgia, clients continue to seek the legal leadership of Fred M. Kennedy, P.C., for all of their business disputes. With a strong record of commitment to clients for over 40 years, attorney Fred Kennedy can be reached at his Augusta law firm today.
Breach of Contract – Legal Solutions
While specific terms and facts pertaining to business contracts vary, there are three general legal solutions applicable for a breach of contract. It’s important to understand that the purpose of these solutions is to restore the injured party back to their previous position, before the contract was breached. Often, the party claiming a breach of contract has suffered some type of loss, typically financial damages. Thus, an individual or company that has lost money due to a breach of contract may seek to recover monetary damages to compensate for their loss. Even so, the awarding of these damages must be clearly defined and certain.
As another remedy, an injured party may decide to cancel or “rescind” the business contract. This might be based on the other party’s conduct or fraud. In this instance, the law is specifically used to restore the injured party to their position, as if the contract never existed. Naturally, any monetary damages or losses that the injured party suffered due to the breach of contract may be recovered.
Depending on the scenario of the breach of contract, the non-breaching party may desire to use the power of the court system to force the other party to adhere to the responsibilities under the contract. This solution might be used in cases where recovery of monetary damages is not enough to adequately restore the injured party.
Without question, a contract holds particular language and terms that are exclusive. Even in written contracts, there are often implied “rules” or assumptions made in how phrases are understood. Thus, if you are caught up in a business dispute relating to a breach of contract, you can trust the long-standing legal expertise of attorney Fred M. Kennedy.
For a free consultation to discuss the circumstances of your business dispute, contact attorney Fred M. Kennedy at his Augusta law firm today.