Breach of Contract
One of the most common components of commercial litigation and standalone civil causes of action is breach of contract. Breach of contract takes place when a party does not fulfill the terms of the contract, resulting in substantial damages for the plaintiff, by the terms of the contract not being fully implemented as well as by any additional expenditures by the plaintiff attempting to “cover” or find an alternative to fulfill the contract terms. The non-breaching party may have numerous opportunities for recuperation through arbitration or litigation depending on the specific terms of the contract and conditions of the breach, including:
- Specific performance or requiring the contract be executed on its terms
- Repayment of monies spent by canceling the contract and suing for restitution
- Suing for liquidated damages as specified in the contract
- Recuperating compensatory damages including future lost profits
Though preferable that written documentation exists, it is not mandatory that contracts be written in order to give rise to legal claim for breach of contract in the state of Illinois, in some cases oral agreements meeting the requirements. Not every breach of contract necessarily gives rise to a legal cause of action and it is essential that there is a binding contract where two or more parties have agreed to obligate themselves to one another through an existence of a contract, either oral or written. It is also essential to understand if any changes were made to the contract and if the situation overall substantiates a breach under the law. A breach arises when one of the parties of the contract does not satisfy partial or entire responsibilities as defined in the agreement, appears to not to be able to execute its requirement, or indicates intent to not fulfill requirements under the contract. When a breach of contract is proven, the party breaching the contract will be required to pay resulting damages to the aggrieved party.
Even if the contract does not define every possible term for performance a plaintiff may pursue claims based on implied terms. Every contract includes an implied covenant of good faith and fair dealing. Claims for breaches of these implied duties enable courts to make sure the good guy comes out ahead in the end.
In addition to representing clients who are currently dealing with a breach of contract situation, as experts in the commercial litigation field, attorneys are Loftus and Eisenberg can assist in the following, safeguarding current and future business ventures from possible litigious circumstances by:
- Writing new business contracts
- Amending and negotiating existing business contracts
- Lessening the possibilities of litigation with business contracts
It is highly recommended to engage experienced legal representation as contracts are being developed to ensure investments are protected and the business lawyers at Loftus and Eisenberg are committed to doing just that as well as helping individuals and businesses recuperate any losses due to breach of contract.