Breach of Contract

Contracts are essential to a business’ survival, and well-drafted contracts can protect your business interests. A business contract creates certain obligations that are to be fulfilled by the parties who entered into the agreement. Legally, one party's failure to fulfill any of its contractual obligations is known as a "breach" of the contract. Depending on the specifics, a breach can occur when a party fails to perform on time, does not perform in accordance with the terms of the agreement, or does not perform at all. A breach of contract can also be anticipatory, often called repudiation, when one party makes it clear they do not intend on fulfilling a contract’s promises or does something to prohibit another party from performing. Breach of contract can occur with employment contracts and non-compete agreements, insurance contracts, partnership agreements, wills and trusts, purchase agreements, sales contracts, and shareholder agreements, among others. Contract disputes may be resolved in a number of ways. In some cases, both parties may be able to agree on a settlement before reaching litigation; and they may do so through commercial - mediation or out-of-the-court negotiations. During litigation, the party that is alleging a breach of contract will need to show that a breach occurred and that this breach led them to suffer financial losses or other damages. If you are a business owner who has suffered a loss or may suffer a loss because of a breach of contract, or if you are seeking to defend a breach of contract claim, call Basu Law Firm, PLLC at
(713) 460-2673