Contracts are an essential part of every business since they legally bind agreements between two or more parties. Contracts are essential when providing services to clients, dealing with suppliers or vendors, and even when hiring personnel. However, when one party fails to perform its obligations under the contract, it results in a breach of contract.
Breach of Contract
Businesses create contracts to ensure that certain obligations are fulfilled by the parties who entered the agreement. However, when a party fails to perform its contractual obligations, it can severely impact the other parties involved in the agreement. For such reasons, the party affected can have the contract enforced on its terms or may try to recover any financial harm caused by the breach.
Has your business been affected by a breach of contract? Contact our Fort Lauderdale business law attorneys today at (954) 874-8870 to schedule a case review!
What Are the Different Types of Breached Contracts?
When a contract dispute occurs, the parties will typically analyze the nature of the breach and the damages that resulted from it. Not every breached contract is the same. Below we explain the most common types of contract breaches:
- Anticipatory Breach: An anticipatory breach occurs when one party states ahead of time that they do not intend to fulfill the contractual obligations under the agreement. In this case, the other party can take legal action immediately and does not have to wait until the other party breaches the contract.
- Material Breach: A material breach is when the breach is so significant that it voids the contract or a significant part of it. Therefore, the harmed parties no longer have to fulfill their part of the contract and can sue the breaching party for damages.
- Minor Breach: A minor breach occurs when a party fails to perform part of its obligations outlined in the contract.
- Fundamental Breach: A fundamental breach is when a party refuses to perform their duties or a significant part of it. The hurt party can file a claim against the breaching party to seek compensation.
Remedies for Breach of Contract
When an individual or party breaches a contract, the other party is entitled to relief under Florida law. The most common remedy for a breach of contract includes the payment of damages. Your business would receive compensation for your loss due to the breach of contract.
However, there are some cases when the non-breaching party can request the breaching party to complete the terms of the agreement. For example, if the breaching party was required to deliver your business equipment and never did, you could file a claim to have them deliver it to you anyways while having them compensate you for the monetary loss caused by the breach.
Fort Lauderdale Breach of Contract Attorneys
If your contract has been breached, you can take legal action to protect your business and recover from any financial damages. At Stok Kon + Braverman, we are experienced and knowledgeable in resolving breach of contract cases. We can analyze your contract, inform you of your rights, and guide you through the legal process from start to finish.
When you choose our firm to represent you, you get not only an incredible amount of unique experience but also the motivated problem solvers you want in your corner who will do whatever needs to be done to achieve results. Our Fort Lauderdale business law attorneys can help you obtain the best possible results for your case--get in touch with our team today.
Contact our Fort Lauderdale breach of contract lawyers today at (954) 874-8870 to schedule a consultation!