Types of Damages in Breach of Contract Suits
A contract is a crucial defense line against a business partner, customer, or supplier who may fail to honor their deals or promises. Besides the issue of broken promises, the offended person may suffer significant loss of revenue or alter the potential growth of their businesses.
What is a Breach of Contract?
A breach of contract refers to a violation of settled terms and conditions of a binding agreement. The breach may be a simple thing like late payments or more serious violations like failure to deliver an agreed asset. Since a contract is binding, it holds weight when someone files a lawsuit. However, if you want to win a breach of contract case, you need to prove that the breach happened. Therefore, you should consider hiring an Irvine Business Contract Attorney.
Types of Compensations that may be awarded after Breach of Contract
Every contract is different from another. Therefore, many different kinds of damages may be awarded in a contract dispute lawsuit. The main types of damage are:
- Compensatory damages that ease revenue loss
- Liquidation damages stipulated in the agreement
- Punitive damages that penalize the breaching party and prohibits them from repeating their actions
- Consequential damages that lessen unanticipated impacts of the breach
Suppose monetary compensation cannot fully compensate your company for the damages caused by the contract breach. In that case, you can file equitable remedies like contract recession, contract reformation where the contract is redrafted to reflect each party’s capabilities and true intentions, or specified performance whereby the other party is forced to stick up to the end of the deal.
How a lawyer can help
A hired business lawyer Irvine re-examines the contract, breach, and the exact events that caused the issue. After that, the Irvine business attorney formulates a valid argument for the situation. Your hired business attorney Irvine focuses on supporting the contract clauses and enforcing the necessary action to resolve the issue by filing a lawsuit.
Give Brockmeier Law Group a call at 310-425-3431.