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Quick Facts About Breach of Contract

Quick Facts About Breach of Contract

If you have entered into an agreement with someone, and that person has failed to perform their side of the agreement, then that person is in breach of contract. Individuals or businesses may go to court to enforce contracts that the other side has failed to fulfill. Below we discuss some facts about claims for breach of contract.

What Constitutes a Contract?

A contract is formed when there is an agreement between two parties. This is often called “offer and acceptance” or “mutual assent.” The parties must reach an agreement on all material terms of the contract for it to be enforceable.

Bilateral and Unilateral Contracts

Contracts can be “bilateral” or “unilateral.” A bilateral contract is an agreement where both sides make promises to one another. For example, one party promises to sell an item, and the other party agrees to pay for it.

A unilateral contract is where one party makes a promise and the other side, by relying on that promise, undertakes some action. For example, a person promises to pay a reward to anyone who returns his lost dog. If someone returns the dog, that person may collect the reward even though he or she did not first make a promise to find and return the missing pet.

Contacts Do Not Have to Be Written

Most contracts do not have to be in writing. An oral contract is usually enforceable if the party seeking to enforce it can prove that the parties entered into an agreement. Florida and most other states do have a law called the “statute of frauds” that requires some contracts to be memorialized in writing signed by the party to be charged. An example of a contract covered by the statute of frauds is a contract to sell land.

Damages For Breach Of Contract

A party who proves a claim for breach of contract can receive their “expectation damages.” That means the party can recover what he or she would have received as the benefit of the bargain. Alternatively, a party may recover “reliance damages” representing the expense that they incurred in performing the contract or “restitution damages” representing a return of the benefit conveyed to the other party. Parties generally may not recover damages for pain and suffering or emotional distress in a breach of contract case.

Contact the Khonsari Law Group for Business Litigation Attorneys

If someone has not met the terms of an enforceable agreement with you, you are entitled to compensation. At the Khonsari Law Group, we handle contract cases for both individuals and businesses. Contact us today and we will be glad to discuss your case.

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