Nashville, TN – While parties agree to a contract with the intention that they will both be able to fulfill its terms, breaches of contracts happen regularly. The law has created a number of different remedies available to the non breaching party to attempt to get the terms fulfilled or provide compensation for losses. Anyone who needs a specific contract reviewed should contact an attorney to learn more about what will happen if its terms are breached.
The most common remedy in civil cases is damages, or compensation. In most cases, the plaintiff will try to receive compensation sufficient enough that they will be in the position they would have if the defendant’s actions had never occurred. In contract law, this usually means that the damages should be equivalent to whatever the plaintiff would have gotten if the terms were actually followed. Other types of additional damages may be awarded if there was some kind of misconduct by the defendant, such as misrepresentation or fraud.
This is usually done with land, real estate, construction, or other items that are unique and cannot merely be replaced with money. The court may order the breaching party to do specifically what the contract requires, as no comparable remedy exists. However, this remedy is not available in most cases where there are merely financial losses.
Some contract breaches may create unforeseeable situations that result in additional financial losses. In these cases, a court may award the non-breaching party compensation to cover these kinds of additional expenses. For example, if one party sustained serious problems because a delivery was not made on a particular day as promised in the contract, the court may make the breaching party pay for all of these additional issues caused by the lack of delivery.
There are situations where the non breaching party may be given the benefit of avoiding the contract’s terms altogether. This is commonly called rescission and it allows one party the benefit of simply exiting the contract. However, in most cases there must be some kind of serious and material breach that makes it difficult to comply with the document’s terms.
In some contracts, there may be a specific clause that details how much money a party will owe the non-breaching party. This type of arrangement is called liquidated damages.
Meeting with an experienced business attorney
The Law Office of George R. Fusner is available to assist with contact law and various other business matters in the Nashville area. Their attorneys can provide more specific advice to business owners and anyone else who needs legal help.
Firm contact info:
7104 Peach Court, Brentwood TN 37027
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