Understanding “Breach of Contract”
Posted on Friday, September 23rd, 2016 at 12:24 pm
Oftentimes, businesses are unpredictable in nature. Contracts are created between two or more business parties so they have the security that their business will not be compromised if an unfortunate situation occurs. Because businesses have secured a contract, they are allowed to file a lawsuit when a “breach” occurs.
In a signed contract, all parties have agreed to fulfill all the listed details that are critical to the business. A person who signs a contract and fails to follow one or more of the agreed obligations is actually committing a breach and therefore compromising other parties who have also signed the contract. As disputes often take place in a breach of contract, affected parties may seek damage claims, ask for a resolution, and potentially seek the recovery of their losses after the breach. As businesses are financial in nature, affected parties are given payments to help them recover from their losses.
Unfortunately, breach of contract is a complicated legal topic that is critical to the success of any business venture. If you are considering starting your own business in Austin, an experienced lawyer at Slater Pugh, Ltd. LLP may be able to work for you. Call our office today at (512) 472-2431 to find out how we may be able to work on your behalf.