Leading Financial and Family Law Attorneys
All about Contract Disputes
A short primer on contracts and contract law.
If there in one thing essential to businesses it is contracts. Contracts are the glue that hold together deals, agreements, and understandings between partners, other businesses. Contracts hold people accountable and when they are breached, real damage can be done. Broken contracts can hurt profits, hurt relationships and ruin businesses.
Just remember that although many of these business disputes can be resolved through mediation, many times it will involve a court. An experienced contract law attorney can be an invaluable asset at this point.
There are two main types of breach of contract and your actions depend on the type of breach.
#1. Material Breach of Contract
A material breach is sometimes referred to as a “total breach”. This is where the foundation of the contract has been broken and the affronted party has the right to end the contract – and even collect damages. In this scenario, the court will consider several questions.
• Was one party deprived of the core of what it was originally intended?
• Can the offended party be easily compensated?
• Has (and is) the non-breaching party fulfilled their end of the agreement?
• Was there malicious intent on the part of the breaching party?
#2. Non-Material Breach of Contract
If the contract core is still fulfilled, but some of the terms violated the breach is considered a “non-material breach”.
Usually a good lawyer will be able to resolve these differences by mediation or negotiation rather than through the court. A good lawyer can make all the difference in the mediation process and help ensure a favorable outcome for all parties involved. Often business relationships can be sustained by this type of mediation.
NEW MEXICO FINANCIAL LAW IN ALBUQUERQUE, NEW MEXICO IS A LAW FIRM OWNED BY DON HARRIS. WITH MORE THAN 20 YEARS OF EXPERIENCE IN THE FIELD, AND A PROVEN TRACK DON IS THE EXPERIENCED PROFESSIONAL ATTORNEY NEEDED IN CASES OF CONTRACT DISPUTE.
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