Should your business experience a breach of contract, you want a New Jersey breach of contract lawyer who can guide and aid you through the process as painlessly as possible, so you get your project back on track and get back to business. Snafus are common in the world of business. Misunderstandings occur, and mistakes are made even when a signed contract is in place. Our experienced New Jersey breach of contract lawyers can assist business owners with ensuring their businesses are protected.The attorneys at Snellings Law LLC carry over a decade of experience in business law.
Breach of Contract
How do you know your situation qualifies as a “breach of contract”? Breach of contract is a legal term applied when there is a binding agreement between two or more parties for a bargained exchange (monetary, services, etc.) in which one or more of the sides break the agreement through non-performance and/or not following the terms agreed to in the contract. Breaches of contracts are categorized in two ways, either as “material” or “immaterial” depending on your contract specifics and the nature of the breach. Each category is handled differently to reach a solution.
Immaterial breaches of contract are minor failures of one or more parties to perform per the terms of the contract. In such instances, the whole outcome of the contract remains unaffected by the breach; however, the non-breaching party can still sue for damages if attempts to resolve the matter outside court fail. The non-breaching party remains obligated to continue to perform their part of the original binding agreement.
A material breach is much more serious. In these cases, the outcome of the contract is negatively impacted by the breach of one or more parties often causing major loss of money, time, or whatever the substantial benefit of the agreement was for the non-breaching party. The non-breaching party may file suit to recover their damages and will not be required to perform their part of the binding agreement.
You have options if your business incurs an immaterial or material breach of contract.
Settle the Matter Privately
Most parties attempt to find a resolution by agreeing to go on and enforce the contract on its outlined terms, and/or including recovery of financial harm caused by the breaching party. A mediator can review the matter, including a New Jersey breach of contract attorney, as an alternative dispute resolution to court.
If the parties are unable to settle the contract dispute informally, one or all parties may file suit through the courts. Small claims courts can resolve issues of a low dollar figure, usually up to $3,000. In cases of extreme loss and dispute, New Jersey breach of contract lawyers will take your case to the court for you, and do all the leg work to resolve the matter as efficiently and quickly as possible. When you are feeling you have lost in an agreement that should have been fair, you want to be made whole again using the best representation.
Being Made Whole Again and Beyond
In most cases, the non-breaching party is often entitled to a remedy due to the breach caused by the other party. Remedies may also be called a relief. The most common remedies are outlined below. A New Jersey breach of contract lawyer can discuss with you any remedies owed as a result of a breach in contract.
Damages is a term the courts use to describe payment in one form or another to the non-breaching party by the contract breacher. There are different kinds of damages awarded depending on the type of breach that occurred, and how severe. Damages are categorized as compensatory (making the non-breaching whole again as if the breach never occurred), punitive (payments to the non-breaching party above compensation meant to punish the breaching party for wrongful acts), nominal (token damages when actual money loss was not proven) and liquidated (specific damages outlined in the contract in case a breach were to occur and may include damage estimates).
This kind of legal remedy is when the contract breacher or breachers are ordered by the judge to perform the duties as agreed to under the contract. This remedy works well in unique situations in which paying damages would not make the non-breaching party whole again as if the breach had never occurred.
Cancellation and Restitution
This remedy attempts to wipe the slate clean. The restitution means the breaching party is ordered to put the non-breaching party back in the position it was in before the breach occurred. Cancellation of the contract means the contract is declared void. All parties are then relieved of any agreement or obligation that was set forth in the contract.
Contact a New Jersey Breach of Contract Lawyer
When it comes to your business, you want an attorney who knows the ins and outs of the law. Snellings Law LLC has attorneys on staff who are experienced in breach of contract law. Contact them by phone at (973) 265-6100 to set up a consultation. Find a New Jersey breach of contract lawyer at Snellings Law LLC.