We all try to avoid becoming involved in contract disputes, whether as an individual or a business. Unfortunately, that’s not always possible. If you’re dealing with a breach of contract, a contract dispute is sometimes the only way to ensure that your interests are protected. First, let’s learn a bit more about contracts and contract disputes. Then we’ll take a look at some tips for avoiding them in the first place.
In order to understand breach of contract, we must first understand what it takes to make a contract to begin with. To be enforceable, a contract must have four elements:
In New Mexico, some contracts can be made verbally. However, per the Statute of Frauds, there times when a contract must be in writing:
The first thing you’ll need to determine about your contract dispute is whether you’re dealing with a material or non-material breach of contract. A material breach of contract is one that is so severe that there’s no way the agreement can be carried out. In these cases, the court considers the agreement irreparably broken.
Check back soon for All about contract disputes – including how to avoid them, part 2. In the meantime, check out our page on contract disputes.
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