What Do People Not Know About Breach Of Contract?
Some things that people may not know about breach of contract include:
- A party may be able to recover attorney’s fees and court costs as a result of a breach of contract.
- A party may be able to seek an injunction as a remedy for breach of contract, which would require the breaching party to take certain actions or refrain from taking certain actions.
- Either party can breach a contract, not only one.
- A breach of contract can also be classified as “material” or “immaterial”, where material breach is a serious infringement of the contract, and immaterial breach is minor one.
- Additionally, parties can negotiate about remedies for a breach of contract before it occurs. This is called “liquidated damages” or “penalty clauses” which can be used to establish an agreed amount of damages that will be payable in the event of a breach.
- In some cases, the contract may contain a “cure period” which allows the breaching party a certain amount of time to rectify the breach before the other party can terminate the contract or pursue legal remedies.
- Some jurisdictions also recognize a concept of “anticipatory breach” where one party has clearly indicated that they will not perform their obligations under the contract, allowing the other party to terminate the contract and seek damages.
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