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Some Information About Breach Of Contract
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The contract is nothing, but a legally enforceable agreement entered into between two parties. Each of them makes a guarantee to either perform a duty or pay a particular amount. If one of them do not perform the agreed upon duty or pay, the other party has the liberty to get a legal relief for the same. The Agreement can be either or oral or written form.
Oral Vs. Written: Generally, both oral and written arrangements are enforceable under law. It is always recommended and safe for both the parties to get the terms in written form so that they will not be forgotten.
What is a violation of the contract? Breach of contract is nothing, but the failure by one of the parties in following terms agreed upon. It can be breached in the following ways:
1. One of them does not perform the assigned duty or make payments as promised
2. One of them acts in such a way that the other cannot perform the agreed upon duties appropriately
3. One of them makes it clear that he is not intending to perform the duties.
When one of them has not followed the terms, the other party is entitled to different remedies for the same. One of them is to apply for a damages award, which is nothing but a monetary compensation for the losses and expenses that has aroused due to breach. This damages award can include the following:
1. Consequential damages: Under this method, the breaching party will have to pay the other party, an amount that can put the party in the same position if the terms are continued without having breached.
2. Punitive damages: Under this category, the court of law can punish the violating party to make a certain payment for the damages.
3. Liquidated damages: Under this type, at the time of entering into a contract, both of them agree that if one of them violates, a specific sum will have to be paid and the same is also entered in written form in the agreement papers.
4. Nominal damages: Under this method, a minimal money will be provided to the non-violating individual, if he had won the case, but does not get any financial losses.
If you have entered into a business agreement and find that the other party should be sued under breach of contract as he is not following the terms consented upon, you can get in touch with the lawyer specialized in this area.
This content has been taken from http://goarticles.com/article/Some-Information-About-Breach-Of-Contract/8549702/
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