A breach of contract arises when two parties enter into a contract and someone fails to perform or adequately performs an obligation that is part of the contract. While there are many types of contracts and many types of breach of contract, there are five remedies that can be applied:
1 Money damages: This is an amount of money awarded for financial loss as a result of the breach of contract.
2 Restitution: Refers to the plaintiffs’ wish to be restored to the position they were in prior to the broken contract (damages are not paid, but any money or property given to the defendant is returned to the plaintiff).
3 Rescission: For individuals who enter into a contract by mistake, fraud, undue influence or duress; contractual duties are terminated for both parties.
4 Reformation: Issued for the same reason as rescission but contract is changed to correct the unfairness as opposed to terminated.
5 Specific Performance: Compels one party to perform to the best of their ability the duties included in the contract (usually exists when money damages are not enough to repay the plaintiff due to dispute over the contract subject matter).
The attorneys at The Patterson Law Firm are experienced on both sides of the fence when it comes to breach of contract. We help small businesses, professionals, and entrepreneurs sue to collect money owed to them. We also defend clients against unjust breach of contract claims.
The most important thing to consider if involved in a breach of contract case is asking the right questions. Please call (312) 223-1699 to speak with one of our experienced business litigation attorneys.