Written contracts are the most common form of contract and the most advisable as you have material proof of your understanding.
Denver, CO – When you’re a businessman you get to sign all sorts of contracts, and, unfortunately, some of them won’t work out as you expected them to. It happens. What can you do? When are you entitled to sue for breach of contract? If you’re struggling with this type of question, you must reach out to an experienced Denver breach of contract lawyer. They’re best qualified to tell you what are the possible remedies when a breach of contract occurs.
However, here are a few things you should know.
How many types of contracts are there?
A contract is a binding agreement between two parties and it can relate to actual business deals, employment, or real estate. Contracts have three basic components – an offer, the acceptance of such offer, and the value of the transaction involved. Also included in the contract are terms concerning the quality, quantity and time of delivery.
Business contracts can be of three types:
- Written – the most common form and the most advisable as you have material proof of your understanding
- Oral – the two parties come to a verbal agreement
- Implied – this is when one party claims they thought they were under contract. If someone performs certain work for you on a regular basis, they may assume you have a contract.
When can you sue for breach of contract?
When one party does not fulfill their obligations you must speak with a breach of contract lawyer and take legal action. There are four main types of breach of contract:
Minor breach of contract
For instance, when you order some equipment and the other party substitutes a part for a different part that may work just as well. You could accept the modified equipment if it does the job or sue them for not respecting the specifications in the contract.
Material breach of contract
If the contractor substitutes the part specified in the contract for one of lesser quality and the equipment won’t last as long as it was supposed to, you have a serious problem that may impact your whole operation and you can seek damages. Your lawyers will argue the other party should not have entered the contract if they could not meet your exact requirements.
Fundamental breach of contract
This term refers to a severe breach that gives you the right to terminate the contract instead of only seeking damages. As an example, when a contractor cannot deliver the specified equipment on time, they may explain the problems they’re faced with and ask for a delay. Maybe you can work something out. However, when they fail to deliver without warning or explanation this is a fundamental breach of contract and your lawyers can take them to court.
Anticipatory breach of contract
You sign a contract in good faith and wait for the delivery of the equipment you ordered. However, the other party informs you they won’t be carrying out a term included in the contract. For instance, instead of 100 pieces, they’ll be delivering only 50 and they won’t be doing it next week but next month. If that happens you are entitled to terminate the contract as the new terms completely jeopardize your business plan.
Attorneys Near Me
If you’re looking for a breach of contract lawyer or need professional help with other legal matters, you may be wondering “Where can I find Attorneys Near Me?” Don’t worry, help is just a few clicks away. Just follow the link to go to the extensive database on usattorneys.com. Select the legal area you’re interested in, your state and your city, and schedule a free consultation with a trustworthy lawyer in your area.