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Businesses in Nashville need to know these rules after a contract is breached

Nashville, TN – A regular occurrence in the business world is when one party to an agreement does not uphold the terms of the deal. This is commonly referred to as a breach of contract, and the party that wants to enforce the contract has various legal remedies available to them if they decide to sue the breaching person or business. In most cases, the party who did not live up to the terms will end up paying the others, but other remedies are available in some cases as well. 

Anyone who needs more information about this process can meet with a business attorney in Tennessee to discuss the specifics of their situation. 

There are financial remedies available

The most common thing that a business will try to do after a contract is breached is regain the money that they lost because of the person or business who was responsible for the breach. This can vary greatly based on the specific nature of the breach, as well as the subject matter of the deal. However, if the contract was validly executed and signed, the breaching party will owe the other parties a sufficient remedy.

Specific performance is possible

While contract breaches usually result in monetary damages paid out to the non-breaching party, this is not always a sufficient remedy. This is especially true in contracts related to real property, land, and construction. A court can intervene in some cases and essentially force the breaching party to adhere to the document’s specific terms. 

A contract can be rescinded entirely

Depending on the document in question and the ability of the parties to fulfill its terms, a court may simply want to rescind the obligations of both parties entirely and act as if the contract was never executed. This often requires both a factual analysis and some idea regarding the specific intentions of the parties. 

Fraud and misrepresentation are possible

Not all parties who enter a contract do so with legitimate intentions. It is possible that a party to a contract can commit fraud or misrepresentation by lying about certain terms or making reckless statements without attempting to verify whether they are true or not. In these cases, the party responsible for the negligent or false terms in the contract can be made to pay additional costs or punitive damages for malicious behavior. 

Tennessee business attorneys

The Law Office of George R. Fusner is available to help people with issues related to their business disputes and contract law in the Nashville area. Anyone who needs specific legal advice about these matters can contact the firm to learn more.

Firm contact info:

The Law Office of George R. Fusner

7104 Peach Court, Brentwood TN 37027

615-251-0005

gfusnerlaw.com

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