The Ultimate Guide to Remedies for Breach of Contract

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How to Form a Valid Contract

A contract is an agreement between two parties creating obligations enforceable by law. For there to be a valid contract, there must be:

  1. Mutual assent between the parties to enter the agreement
  2. Some form of consideration exchanged

In addition to these two basic elements, the parties to the contract must have the mental capacity to form a contract and also the subject matter of the contract must be legal.

Does a Contract Have to Be in Writing?

A contract can be oral or written, however, there are some contracts that must be in writing to be enforceable. The Statute of Frauds provides that the following contracts must be in writing in order to be enforceable:

What Is a Breach of Contract?

A contract is a mutual agreement between two parties wherein each party has an obligation to the other. In the event the obligation is not fulfilled, not performed in accordance to the contract, or the obligation is not fulfilled on time, one may argue that there has been a breach of the contract.

What Are Breach of Contract Remedies?

There are a number of possible remedies for a breach of contract. These remedies include:

1. Damages: Damages are monetary damages meant to compensate the non-breaching party for the breach.

2. Equitable Remedies: Equitable remedies are remedies imposed by the court when monetary damages are not available. Typically equitable remedies are awarded when money damages would not adequately cure the non-breaching party due to the breach.

Defenses against Breach Of a Contract

Before there can be a breach of a contract, a valid contract must be found. There are many defenses that can be raised against the formation of a contract. In the event any of these defenses are raised and proven, the contract may be set aside and deemed void, voidable, or unenforceable. These defenses include:

Do I Need a Lawyer for My Breach of Contract Lawsuit?

Contract issues can be very complex. If you have been harmed by a contract breach or are being sued for breach of contract, an experienced business attorney can help you navigate the difficult road ahead.

Consult a Lawyer - Present Your Case Now!
Last Modified: 12-28-2015 03:58 PM PST

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