A breach of contract can uproot your work life as well as add stress to your personal life. Unfortunately, this happens to businesspeople every day in America! Discover the answers to frequently asked questions about a breach of contract:
What is a breach of contract?
A breach of contract occurs when one or more of the parties listed in the contract do not fulfill his or her duties. There are many states that allow people to sue if a verbal contract is broken. However, there are certain contracts that must be in writing such as marriage and real estate matters.
Are there different types of breaches?
Yes, the four types of breaches are anticipatory, fundamental, material, and minor. Here is a simplified break down of the four types of breaches:
- An anticipatory breach occurs when a person announces his intention to break the contract.
- A fundamental breach occurs when a person breaks the contract.
- A material breach occurs when a person fails to perform according to the contract.
- A minor breach occurs when a specific element of the contract was not fulfilled.
What should I do if there has been a breach?
Review your contract. Most likely, the contract has steps to take if a breach occurs. Next, talk to your partner about the breach whether it is your fault or his. If a solution cannot be found, it’s important to talk to a lawyer. A corporate law attorney can provide options that you may not have known.
Our Corporate Law Attorneys Can Help
With your company and reputation on the line, it’s important to talk to an expert in this field. The Walker, Hulbert, Gray & Moore attorneys have plenty of experience with contracts, partner disputes, and the like.
We can answer your questions and guide you through this legal matter for optimal results. Call us to set up an appointment: 478-987-1415.