When people exchange information and decide to make an agreement, either verbally or through a signed document, in most cases each party has good faith that the terms will be followed. When one or more parties in the contract fails to fulfill their responsibilities as promised, others can suffer the consequences. If you have recently suffered losses because another person broke an agreement, then we highly recommend meeting with an attorney for assistance. They can help you fight to get the compensation you need in order to get back onto your feet. As soon as a breach of contract has occurred, we suggest obtaining an attorney for representation.
How a Breach is Determined
An attorney can help you decide whether a breach has in fact happened within the contract you signed with another party. Sometimes, all that is needed is an alteration or amendment to settle a contract dispute. It could have been certain wording or terms within the document that led to a miscommunication. An attorney experienced in contractual agreements can identify the factors that may have contributed to a breach. An attorney can talk with you more about:
- The contract validity and whether it is legally binding, or not
- The original intention of the contract and whether terms could have been misinterpreted
- Influential events that have transpired since the written contract was signed
- Any circumstances that changed within a company or individual which could have led to the breach
- Whether the contract was established in good faith from the start, or there were ingenuine motives
The Meaning of ‘Failure to Perform’
When a promisor fails to act according to his or her contractual agreements, this is considered failure to perform. An attorney can talk with you further to decide whether any of the following elements apply to your contract:
- Non-Performance = the party did not perform any part of the contractual obligation whatsoever
- Defective Performance = the party performed his or her duty, but not to the standards as described in the contract
- Late Performance = the party performed the duty as described, but failed to do so within the allocated time-frame
How Breach of Contract is Proven
When a breach of contract happens, it is very likely that the innocent party suffers financial instability or other types of loss. The innocent party can seek legal action against the other, but must prove that the promisor had failed to abide by the terms to some degree. The at-fault party is likely to have to pay damages in order to compensate the party who endured loss. The overall intention of compensating the innocent party is to get them into the same position they were prior to the wrongdoing.
A business dispute lawyer New York, NY relies on can meet with you at your earliest convenience to talk more about how the breach of contract happened. Perhaps it was a small misunderstanding, or a party did not intend to hold up their end of the bargain from the start. Regardless of the details surrounding the breach, your attorney can help you get back to financial stability.
Thank you to our friends and contributors at Okun, Oddo & Babat, P.C. for their insight into business law and disputes.