For anyone facing breach of contract accusations, it can seem like a significant threat to you or your business. Breach of contract allegations can be a significant concern. Serious financial consequences may result for the individual or company accused of breaching a contract. If you or your business are facing breach of contract accusations you may wonder what to do and how to respond. It can be equally important to know how to respond if a contract you or your business are a party to has been breached.
Many individuals may encounter a contract dispute during their lives, such as those involving contracts for builders, which is why it is important to understand the legal impact of a breach of contract. A couple in Louisiana is suing a construction company for mishandling construction loan funds during the building of the couple's home. According to the lawsuit, the couple had a contract with the major construction company to build their home. The cost of the new residential home under the contract was $463,500. The financing for the home was to be paid to the construction company by the bank in a series of installments.
Most people encounter a variety of different types of contracts throughout their lifetimes and you may be no different. You may have encountered contracts in both your personal and professional lives. Contracts play a variety of essential roles and are important to the success of any business. As such, contracts should be thoughtfully negotiated, drafted and reviewed.
Remedies for breach of contract are typically somewhat situation specific. A construction company and its owner are being sued by a Louisiana shoring company for allegedly defaulting on a $500,000 payment for a modular building. According to the shoring company, it entered into a contract with the construction company to purchase a modular building for $510,000. According to the contract, the shoring company asserts, the construction company was obligated to pay a deposit of $51,000 and the remaining balance of $459,000 within 30 days of the contract.
Contracts may govern a number of relationships in your life. Certainly, it is wise to utilize contracts to clearly outline obligations and expectations in business relationships. While everyone's hope is that contract relationships will proceed free of disputes, that is not always the case. To better understand the rights and remedies of parties to a contract when a breach of contract has occurred, it is helpful to understand what a material breach is and what is considered a minor breach.
Commercial real estate and development transactions can present many different challenges and have many different aspects to them. Sometimes these complexities can lead to disputes, such as contract disputes. When there has been a breach of contract by one of the parties, it is important to timely address and respond to the situation. In addition, sometimes contract breach situations can be resolved through negotiation, however, on other occasions, intervention through the court may be necessary to resolve the dispute so that parties can move forward with their business.
A variety of options may be available to assist a party harmed by a breach of contract. A contractor recently brought a lawsuit against a Louisiana homeowner for breach of contract. The lawsuit concerns to an alleged agreement to elevate a home. The home elevation contractor asserts that it agreed to elevate the homeowner's house for $68,594.08. Part of the home elevation was to be paid for by a grant from the Louisiana Hazard Mitigation Program. According to the contractor, it was hired after the previous, and original, contractor was fired.
Contract relationships are important to many businesses and individuals which is why a basic understanding of contract disputes can be helpful to contracting parties. A Louisiana man is being sued by a lumber wholesaler that claims the man owes it over nine thousand dollars for unpaid lumber. The lumber wholesale company filed a lawsuit against the man for thousands of dollars in unpaid lumber costs. The man allegedly owes the company after accepting the lumber in four different loads he picked up over two days. The company claims it ordered the lumber, which was shipped to a warehouse where the man picked it up. The company alleges that the man then failed to pay for the lumber after he picked it up and is accusing the man of breach of contract as a result. The company is seeking the $9,020 in damages it claims it is owed.
Many people and businesses rely on contracts to commemorate agreements that both people and businesses live by and conduct themselves according to. Once there is a valid contract, parties to a contract may wonder what constitutes breach of contract and what happens when a contract has been breached?
A contract is essentially an agreement between parties that creates obligations to do, or not do, certain things and is legally enforceable. For a contract to be valid, and enforceable, several elements must be properly met. In the simplest sense, contracts are agreements that "create obligations enforceable by law." A valid contract begins with a mutual agreement between two parties. The parties demonstrate their mutual assent to agreement through offer and acceptance and a meeting of the minds.