The contract is nothing more than a legally enforceable agreement between two parties. Each of them offers a guarantee to fulfill a duty or pay a certain amount. If one of them does not comply with the agreed duty or payment, the other party is free to obtain legal compensation for the same. The Agreement may be oral or written.
Oral Vs. Written: In general, both oral and written settlements are enforceable by law. It is always advisable and safe for both parties to get the terms in writing so that they are not forgotten.
What is a breach of contract? The breach of the contract is nothing other than the breach by one of the parties of the following agreed terms. It can be violated in the following ways:
1. One of them does not fulfill the assigned duty or does not make the payments as promised
2. One of them acts in such a way that the other cannot adequately fulfill the agreed functions
3. One of them makes it clear that he does not intend to perform the duties.
Damages:
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 request compensation for damages, which is nothing more than monetary compensation for the losses and expenses caused by the breach. This compensation for damages may include the following:
1. Consequential damages: Under this modality, the defaulting party must pay the other party an amount that can put the party in the same position if it continues the terms without having defaulted.
2. Punitive Damages: Under this category, the court of law can punish the offending party to make a certain payment of damages.
3. Liquidated damages: Under this type, at the time of entering into a contract, both agree that if one of them defaults, a specific amount must be paid and the same is also stated in writing in the agreement documents. .
4. Nominal Damages – Under this method, a minimum amount of money will be provided to the non-offender, if they had won the case, but no financial loss.
If you have entered into a business agreement and find that the other party should be sued for breach of contract for failing to meet the agreed terms, you can contact a lawyer who specializes in this area.