Business Law Attorney in Your Corner
No business can be fully functional without a formal, written agreements and contracts in place to outline everyone’s duties to the company and day-to-day responsibilities. Business contracts such as these are meant to ensure that nothing is done the wrong way to avoid legal troubles for the company and the individual. If one party named in a contract does not uphold their responsibilities in the contract, or claims that they cannot or will not uphold their responsibilities, a breach of contract has occurred.
Out of all the problems that can harm your business, a breach of contract may be one of the most common and one of the most damaging. As a single word in the wrong spot can essentially turn the intent of a contract completely around, it is important to draft them correctly, and even more important to uphold them as you intended. When your business is hit unexpectedly by a contract breach from a trusted party, employee, or partner, our experienced business lawyers at The Tracy Firm, Ltd., can be there to turn the situation around in your favor.
Typical Forms of Contract Breaches
- Partial: The breach in the contract is considered to be quite minimal and not incur any physical damage. Lawsuits for partial breaches can only pursue actual damages.
- Material: A break in the contract that is noticeable enough to allow the non-breaching party to sue for damages and request that the breaching party uphold their end of the contract through further effort.
- Fundamental: If a breach directly affects a significant portion of the contract, a fundamental breach has occurred and the other party may usually terminate the contract to protect themselves from further damages.
- Anticipatory: When a compliant party is given ample reason to assume that the other party of the contract will not hold up their end of the bargain, an anticipatory breach has occurred.
As an example of the contracts complexities take a look at the Code of Virgina that defines breaches like this: “A breach occurs if a party without legal excuse fails to perform an obligation in a timely manner, repudiates a contract, or exceeds a contractual use term, or otherwise is not in compliance with an obligation placed on it by this chapter or the agreement. A breach, whether or not material, entitles the aggrieved party to its remedies. Whether a breach of a contractual use term is an infringement or a misappropriation is determined by applicable informational property rights law.”
Taking Action Sooner Than Later
In Illinois State, contract disputes have a ten year statute of limitation on them, or ten years for you to file a lawsuit for damages caused by a contract breach. While this might seem like a long time to think about your next move, you should not plan on waiting a decade before seeking a legal solution. The sooner that you act, the stronger your chances of success, as you will have everything that happened fresh in your mind. You will also grant the breaching party less time to prepare their own statements, which can also be a great advantage for you and your business’s wellbeing.
Contact Us Today for Your Consultation
Hurdles, obstacles, and more can arise in the average day of a business owner. It is important to not be deterred by them but instead prepare to take them head-on. By providing businesses with the professional legal representation they expect and deserve, we have made a name for ourselves as smart, creative, and reliable business law attorneys.
We are able to assist with many other types of corporate and securities law issues. While our firm’s offices are located in Wheaton, Illinois and Beverly Hills, California, we serve clients throughout the United States. Call 1.888.978.9901 now or contact us online!