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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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