Two ways that a breach of contract happens in Denver
Denver, CO – Contracts are essential to form relationships in the business world and for all parties involved to generate profits and fulfill obligations. However, it is very common for a party to not live up to the terms as described in the document, either due to a mistake, unforeseen circumstances, or intentionally. There are business attorneys near me in the state of Colorado who dedicate their time to helping clients who have breach of contract issues.
What is a breach of contract?
A breach of contract is simply when one party does not live up to the terms that they agreed to when they signed the document. Courts normally offer a remedy by making the breaching party pay for the non-breaching party’s losses that were related to the failure to fulfill the terms, but other remedies such as specific performance of the terms are possible. It is technically possible to enforce promises made orally or certain industry customs as contracts, but it is always best to have a written document available.
Minor breaches
A minor breach happens when the contract is essentially intact because the parties have lived up to its terms, but there are some details that have not been observed or other less severe problems. Depending on the specific nature of the minor breach, there may not need to be litigation and the parties can potentially settle this matter on their own.
Material breach
Businesses and individuals end up in court many times because of a breach that is considered material. This means that the contract was not fulfilled in some fundamental way, and it does not seem possible to complete the terms of the document without court intervention. A common example of breaching a contract in a material way is when a buyer does not pay a vendor for goods or services. When a court is involved in a case related to a material breach, they will usually require the breaching party to pay the others for their losses, or rescind the contract altogether if a financial remedy is not sufficient.
Related problems
It is possible that one party to a contract has made a misrepresentation or engaged in fraudulent practices when drafting or executing a contract. When these problems are discovered, it is also possible for the party who has experienced losses due to fraud or misrepresentation to get relief through the courts.
Colorado contract law attorneys
Semler and Associates is a firm that works with clients in the area of Denver to assist with contract law issues. People and businesses who need more information can speak with a licensed attorney to learn how to protect their interests.
Firm contact info:
1756 Gilpin St., Denver, CO, 80218
303-839-1680
semlerlaw.com
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