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Fairfield County business law attorney breach of contract

There are many perks to being a business owner, but you must always be vigilant for legal mistakes that could make your company vulnerable to lawsuits. A lawsuit against your small business has the potential to destroy not only the company but your personal finances as well. Preventing lawsuits is a vastly superior strategy compared to dealing with lawsuits once they have already been filed. One of the best ways that you can minimize the chances of your business being the subject of a lawsuit is to work with an experienced business law attorney.

Lawsuits That Could Dramatically Impact Your Business

Unfortunately, there is no way to guarantee that your business will never be sued. However, there are many steps you can take to lower the chances of being successfully sued as much as possible. Some of the most common lawsuits affecting small businesses include:

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Fairfield County business law attorney breach of contract

Business contracts are an integral part of a successful entrepreneurial career. Whether it is a purchase order, bill of sale, employment contract, lease agreement, or another type of contract, knowing how and when to use contracts is a vital skill. When a party subject to a contract violates any of the contract’s terms and conditions, the violating party may face a breach of contract claim. The party wronged by the violation may be entitled to damages. As a small business owner, writing clear and effective contracts with help from an experienced business lawyer is one of the best ways to avoid facing liability for breach of contract.  

Failure to Fulfill the Requirements of a Contract

There are several different types of contract breaches. A minor breach of contract is one that involves non-fulfillment of a minor detail in the contract. These breaches do not impact the overall purpose of the contract and are typically able to be resolved outside of court. An anticipatory breach or anticipatory repudiation occurs when the breaching party notifies the non-breaching party that it will not be satisfying the terms of the contract. A material breach of contract is one that is so significant that it prevents the parties from being able to execute the responsibilities contained in the contract. Anticipatory breaches and material breaches often lead to legal actions.

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Greenwich commercial and business law attorney

If you are in the process of becoming a business owner, you may have an overwhelming number of tasks ahead of you. You will need to decide on a business structure, choose whether or not to share ownership with business partners, develop a business plan, and much more. One matter that you may also be considering is whether or not to hire a business lawyer. If you are like most entrepreneurs, you are probably looking to reduce costs wherever possible. You may assume that a business lawyer is only necessary if you are being sued or have other urgent legal matters. However, retaining an experienced legal representative from the very beginning of your journey into business ownership may help you save a significant amount of time, money, and frustration.

A Poorly Written Contract Can Be Disastrous for Your Company

An entrepreneur’s skill set and that of an attorney are often vastly different. Entrepreneurs and business owners are often creative, abstract thinkers who look at the “big picture” instead of focusing on small details. Lawyers, on the other hand, are trained to scour business contracts and other important documents for even the tiniest mistakes that could cause problems for their clients. Having a lawyer assist you in drafting or reviewing contracts such as purchase agreements, nondisclosure agreements, employment contracts, non-compete agreements, and commercial property leases can ensure that you uncover and address any issues that could present problems for your business in the future. Your attorney will ensure that these contracts are accurate, free of ambiguity or errors, and accomplish the task intended. A poorly written business contract can result in breach of contract claims, employment disputes, and a host of other legal issues.

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Fairfield County breach of contract attorney

Well-written business contracts are essential to a company’s success. Although business transactions would likely be much simpler if parties could simply be trusted to keep their word, this is unfortunately not how the business world actually works. Entering into major business agreements without a legally binding contract can be disastrous. Business contracts are used to formalize employer-employee relationships, purchase agreements, loans, and for a wide range of other purposes. When a party violates the terms of a valid business contract, the injured party may file a breach of contract claim. There are several remedies to a breach of contract claim that the injured party may be entitled to, depending on the circumstances.

Collecting Damages or Restitution Through a Breach of Contract Claim

The main remedies for breach of contract include monetary damages, restitution, specific performance, rescission, and reformation. Damages refer to the compensation that an injured party may recover through a breach of contract claim. When a contract is completely breached, the injured party, or plaintiff, may receive damages equal to the value he or she would have received if the defendant had honored the contract. If the contract was partially breached, the injured party may be awarded partial damages. Restitution is another remedy that intends to restore the injured party to the condition he or she was in before the contract was signed. Instead of being compensated for lost earnings, the goal of restitution is for money or property that was given to the defendant to be returned to the plaintiff.

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Long Island Sound breach of contract attorney

Ideally, everyone would honor verbal promises or handshake agreements. Unfortunately, this is not the reality of the business world. Legally binding contracts are often needed to ensure that parties stay true to their word. When a party does not meet the expectations of a contract, you may choose to take legal action in the form of a breach of contract claim.

Three Main Elements

A contract can be thought of as a legally enforceable promise. Contracts vary significantly in their scope and complexity, but all contracts define certain rights and responsibilities for the involved parties. When one of the parties in a business contract fails to fulfill his or her responsibilities, the other party or parties may pursue a claim for breach of contract. There are several elements that must be present in a breach of contract lawsuit in order for the plaintiff to be awarded restitution. To win a breach of contract claim, the plaintiff will need to demonstrate the following:

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