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Understanding breach of contract lawsuits

Every day people all across New Jersey enter into contracts. Some people sign contracts for new jobs and new homes. Others sign agreements that memorialize business dealings. Regardless of the reason a person enters into a contract he should be aware of the consequences he will suffer if he commits a fraud in executing it or fails to uphold his end of the deal.

A breach of contract occurs when one or both of the parties to the agreement fail to fulfill some aspect of their stipulated responsibilities. For example, if a person agrees that he will remit payment for services every Friday and he fails to deliver payment until the following Tuesday, his action could be considered a breach.

Breaches of contract can be classified as material or immaterial. If the breach has significant repercussions for success of the agreement it may be considered material. Less significant breaches could be classified as immaterial.

If a breach is considered material, the party in the wrong may be liable for damages. Money damages, performance of the contractual terms and termination are all possible remedies. If a party is financially injured due to a breach he can sometimes pursue those losses through the contract's terms. If a party still wants a contract fulfilled he can seek enforcement of the agreement. If he simply wants out of the agreement after the breach he can ask a court to terminate the contract.

Businesses run well when parties follow the terms of the contracts they enter. However, many New Jersey business people know that contract terms are often violated. For those business people who need help resolving contractual disputes, attorneys who specialize in business law can provide expert assistance to help their clients achieve their contracting goals.

Source: FindLaw.com, "'Breach of Contract' and Lawsuits," accessed on Aug. 20, 2014

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