5 Common Contract Breach Incidents
Every business involves the creation of contracts between a variety of parties, such as between one business and another or between a business and any shareholders, and for a variety of transaction. It’s important that people adhere to the specific details of the contract under which they operate; otherwise the other parties involved in the contract might suffer serious consequences of a violation.
Fortunately, however, business owners can protect themselves in the event that a contract violation does occur. As a legal document, businesses that have been wronged by other parties to the contract can take legal action against the violating party. In this manner, the business can possibly get compensation for the losses they have suffered, in addition to the original terms of the contract.
5 Breach Types
Depending on the type of contract and the intricacies of the contract, violations can occur in a number of manners. However, some of the most common breaches of contract include:
- Warranty breaches
- Inappropriate / inhibitory conduct
- Non-disclosure agreement violation
- Fundamental breach of contract
- Repudiation of contract obligations
These contract breach types are among the most common and can create huge problems for business owners who are affected. Such violations might lead to a loss of profits or a loss of credibility for the business, in addition to many other problems that could arise.
The integrity of a business often depends on the faithful adherence to established contracts. Whether you have been harmed by another party violating a contract or are being accused of such action, our attorneys at Slater Pugh, Ltd. LLP, can help. Discuss your business needs and how we can support you today by calling or writing us.