Breach of Contract Lawyer Chicago
What Is a Contract?
A contract is a verbal or written agreement between parties that creates a mutual obligation for performance and is enforceable by law. For a contract to be binding, it must have mutual agreement, offer, acceptance, consideration, capacity, and legality.
Mutual Agreement - is when two or more parties agree to the same thing.
Offer - is a specific proposal to enter into an agreement with another party.
Acceptance - is one party's agreement to terms proposed by the other party.
Consideration - is something of value that is exchanged between the contract's parties.
Capacity - is the party's legal ability to enter into a contract.
Legality - is being legal under the law.
What is a Breach of Contract?
A breach of contract occurs when one party fails to fulfill their obligations under a legally binding agreement. This can include failing to deliver goods or services as promised, making payments as agreed upon, or violating any other terms outlined in the contract. A breach of contract can happen in any agreement, from business contracts and employment agreements to leases and customer transactions.
When a breach occurs, the non-breaching party may have legal recourse to seek damages or to enforce the terms of the contract through litigation or other means.
Understanding what constitutes a breach of contract is important for all parties involved in any contractual agreement.
In Cook County, Illinois, and more particularly Chicago, contract lawsuits are filed routinely. Our team of experienced contract lawyers can help you with any contract litigation issues that you may have. My firm handles both the plaintiff and defendant cases. If you are in a business dispute, contact Chicago Premier Contract Attorney today.
What Are Different Types of Breach of Contract Cases?
A breach of contract can take many forms but can generally be broken down into two major categories: a material breach and a minor breach.
A material breach is a serious or substantial failure to perform one's contractual obligations. This type of breach results in the other party being unable to receive the benefit they expected from the contract and, as a result,
The second type of breach is known as a minor breach. This occurs when some of the terms set forth in the contract have been violated, but the violations are not severe enough to cause serious damage or undermine the entire agreement.
Most minor breaches may only entitle a party to seek reimbursement for any losses incurred due to the breach rather than pursuing legal remedies through a lawsuit.
Another kind of breach that can occur is an anticipatory breach. This happens when one party expresses to the other that they no longer have any intention of abiding by their end of the agreement.
What are the Remedies for Breach of Contract Claims?
The remedies available to a non-breaching party for a breach of contract depend on the type of agreement and the terms outlined in it. Generally, a non-breaching party may be able to pursue damages, specific performance, or both. In certain instances, the court will award damages in quantum meruit and "Bad Faith."
Damages - is usually a monetary compensation the non-breaching party is entitled to. These can include compensatory damages, consequential damages, and punitive damages.
Specific Performance - is the court-ordered requirement for the contract to be completed.
Quantum Meruit - is an equitable remedy providing restitution for unjust enrichment.
Bad Faith - damages are awarded when one of the parties intentionally acts dishonestly, misleadingly, unethically, or fraudulently to the other party in fulfilling its contractual obligation.
What Type of Breach of Contract Disputes in Chicago Does Your Law Firm Handle?
At Law Offices of Mitch Furman, our attorneys litigated hundreds of business dispute cases involving contract law. Amongst those are construction claims, commercial litigation, service contracts, non-disclosure agreements, leases, fiduciary duty, business fraud, and many more.
If you are involved in or in need of a skilled Breach of Contract Litigation Lawyer, call my firm today. 312-236-7078