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How do breach of contract lawsuits get resolved?

Most companies are going to, at some point in their existence, rely on other companies to push their company further towards success. When two or more companies come together to form an agreement, they will do so under legal circumstances. They will form a contract, and then the parties involved in that contract will be obligated to fulfill their responsibilities going forward.

In a perfect world, that would be the end of it. The companies would do their jobs and nothing would go wrong. But we don't live in a perfect world. Sometimes, the companies that enter into contracts break their obligations -- may it be due to circumstances outside of their control or willingly.

When a breach of contract or a contract dispute arises, the companies involved will need to take the necessary steps to address the situation. These cases will often end with "legal remedies" being provided to the aggrieved party. These remedies can take the form of:

  • Damages. These are financial penalties that hold the breached party responsible. They can be awarded to compensate the victimized company, to punish the breaching company or to settle the dispute entirely.
  • Specific Performance. This is where a court orders the breaching party to fulfill their end of the contract.
  • Cancellation and Restitution. This is where the contract is legally ended and restitution is paid to finalize the legal issue.

Contract disputes are serious issues, and any business involved in such a situation should consult with an attorney.

Source: FindLaw, "Breach of Contract and Lawsuits," Accessed May 22, 2017

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