Are we all not familiar with the expression of “reading the fine print” and how it relates to legal work? Take, for example, how we tend to skip a lengthy read when we download an installation and go straight to the checkbox. It is but common behavior to agree to all terms immediately without reading the fine print. This attitude can be harmful, as contracts are legally binding. When you don’t honor what has been written in a contract you agreed to and signed, you are committing a breach of contract.
What Exactly is a Breach of Contract?
A breach of contract is a legal cause of action wherein a party does not honor a binding agreement. Once a party fails to fulfill their part of the agreement or contractual promise, they are already breaching the contract. Under legal terms, it is a type of civil wrong. A business attorney in Denver lists down “Contracts and Breach of Contract” under commercial and business law. It is not unusual for businesses to have experienced this, especially since there are always disputes regarding finances and labor.
What Can You Do When There is a Breach of Contract?
When a breach of contract happens or when it is alleged, a party can have the contract enforced on its supposed terms. A party may also attempt recovering any financial harm that the alleged breach caused. If a contract dispute takes place and informal attempts at resolving the issue bear no fruit, a party can then file a lawsuit. Going to court and formalizing lawsuits aren’t the only steps a party may take when there are contract disputes, though. There are options that don’t require going to court, such as the two methods of alternative dispute resolution. The first option needs the involved parties to agree and invite a mediator to review a contract dispute. The second option, meanwhile, can have the involved parties agree to binding arbitration. In seeking to remedy a breach of contract, the law entitles the other party to relief when a breach occurs. The remedies include damages, specific performance, or cancellation and restitution. If you are running a business, avoid having to pay for negligence and inadvertently breaching a contract – always read the fine print and abide by the contract.