Business contracts are legally enforceable documents. Each party in a business contract are bound by those documents. When one party fails to hold up their end of the contract, it is important to know that there are legal avenues available.
In fact, there are several common remedies for breach of contract instances.
One remedy for breach of contract involves the court ordering the breaching party to carry out their obligations under the terms of the contract. In this case, the party receives a court order requiring them to fulfill those obligations as required to complete the contract term.
An injunction is a court order typically preventing someone from doing something. This is an important remedy if someone is trying to make a deal with a competitor or something similar. An injunction ceases that activity until the court can rule further on the case.
When the judge finds one party in breach of contract, sometimes the ruling allows the other party the opportunity to terminate the contractual agreement on the basis of the breach. Typically, this avenue is for material breaches that have caused financial damage.
When a contract breach has caused the non-breaching party financial damage, the judge may order financial damages paid to compensate the non-breaching party.
These are a few of the most common remedies available for parties experiencing a breach of contract. Hold the other party accountable and protect your legal rights by pursuing the resolution that you deserve under the contract terms.