Contracts are vital documents for the successful operation of businesses and other organizations. They lay out the terms by which the parties must act and conform to each other in order to preserve their interests and mutual expectations. When Michigan and Illinois entities discover that their existing contracts have been breached, they may have concerns over how they may seek relief against the offending parties.
What is a breach of contract?
A breach of contract happens when a party to an agreement fails to execute one or more of their stipulated responsibilities. For example, if a party fails to pay the other party to a contract for services rendered, the non-paying party may be in breach of their agreement. When a breach occurs, the harmed party can look to their agreement to determine what remedies they have to become whole.
Possible breach of contract remedies
The nature of type and of remedies that an aggrieved breach of contract victim may have will depend on the agreement that exists between them and the breaching party. Not all of the remedies mentioned in this post may apply to the breach of contract disputes of those who read it. Readers are encouraged to seek legal assistance to better understand their breach of contract remedies.
One possible remedy to breach of contract is specific performance. When specific performance is ordered as a remedy, the breaching party is compelled to complete whatever contractual duty that they breached in order to make the victim whole. Another possible remedy is damages, which compensate victims of breaches of contract for their losses arising from the nonperformance of other parties.
Remedies and other contractual provisions can be built into all types of agreements. Assistance with contractual matters can be sought from knowledgeable contract and business law attorneys.