The business world runs on contracts. Businesses would not survive, let alone succeed, if they operated without contracts. A contract is a written agreement between two or more parties. These parties can be individuals. entities, corporations, businesses and much more. Not all contracts will end at their agreed-upon termination date. That's due to breach of contract, which we will explain in today's post.
A breach occurs when one party involved in a contract does not legally fulfill the obligations that were outlined for them in the contract. There are three common ways a contract can be breached. They include failing to perform the duties at all, failing to perform the duties in the requested timeframe and failing to perform all of the duties assigned.
Should a contract be breached, one or both parties involved can either demand that the terms of the contract be carried out as planned or try to recover damages that were incurred due to harm. Both parties can try to rectify a breach of contract using informal steps. If those steps do not work, the next step is to file a lawsuit.
A breach of contract in Pennsylvania can be remedied in one of three ways. Those three ways include the aforementioned specific performance of the terms, payment of damages and cancellation of the contract with restitution.
Did someone breach a contract with you in Charleroi? It's best to work with an experienced business litigation attorney to examine your case and find out the best course of legal action to recover any damages which may have been incurred.
Source: Findlaw, "Breach of Contract and Lawsuits," accessed Dec. 01, 2017