Breach of Contract
When you entered into a business agreement, you created a contract outlining each party’s promises and obligations. But what happens when one party breaches that contract? Our NJ contract lawyer can help you.
Breach of Contract Defined
A breach of contract occurs when one party reneges on the contract by:
- Failing to perform;
- Saying it will not perform its obligations in the future; or
- Making it impossible for you to perform your obligations under the agreement.
Breach of contracts is categorized by our contract lawyer as:
- Material – the “heart” of the contract that renders the agreement “irreparably broken,” defeating the purpose of the contract. It is the root or core of the contract giving the contract its value.
- Immaterial (or “partial”) – a minor breach resulting in minimal consequences, if any.
Consequences of Breach
After a breach, one or both parties may wish to:
- Enforce the contract terms; or,
- Recover financial losses or harm caused by the breach.
There are several ways to resolve contract disputes:
- Informal resolution between the parties
- Alternative dispute resolution
As the non-breaching party, you are entitled to relief (remedies):
- Damages – monetary compensation for your harm encompassed in one or more of the following forms:
- Specific Performance – court orders the breaching party to perform its obligations per the terms of the contract
- Cancellation and restitution – the contract is void (cancelled) and you receive restitution, placing you back in your position prior to the breach.
Our Contract Lawyer Can Help
If you have a contract dispute, our knowledgeable contract lawyer at Snellings Law LLC is able to:
- Review and analyze your contract
- Explain your options to seek resolution
- Develop the best strategy to fight for you.
Contact us today at (973) 265-6100.