Oral and written contracts are integral parts of our daily lives. Whether in a commercial or personal setting, parties are bound together by the promises they exchange for specific obligations. Unfortunately, these promises are not always kept and damages can be sustained as a result.
Accurately assessing a breach of contract claim is complex and requires an attorney with experience and knowledge. If you need a breach of contract lawyer in the Sarasota or Bradenton areas, please contact Syprett, Meshad, Resnick & Lieb today by completing the form on this page or calling 941-365-7171.
Common Breaches of Contracts
Sometimes, the wording in a contract can be subject to differing interpretations by the involved parties. Contract disputes are common when the contract uses language that is either too vague or highly complex. Contract breaches generally fall under four common types:
- Anticipatory breach: When one party states ahead of time that it does not intend to fulfill its obligations under the agreement, it is referred to as an anticipatory breach.
- Fundamental breach: Also known as a repudiatory breach, this happens when a party refuses to fulfill all or a substantial part of its obligations in the contract to which it is bound.
- Minor breach: Sometimes referred to as a partial breach, a minor breach occurs when a party performs some, but not all, of the obligations specified in a contract.
- Material breach: This occurs when an agreement is so significantly breached that it nulls the contract. Not only does this excuse the non-breaching party from fulfilling its duties under the agreement, it could warrant a lawsuit for damages.
Common Damages in a Breach of Contract Case
When contract breaches occur, the non-breaching party can seek a variety of monetary damages, including:
- Compensatory damages: These damages are meant to compensate the harmed party for any losses caused by the breach. These can include “expectation damages”, covering what the harmed party expected to receive from the contract, and “consequential damages”, which includes indirect damages beyond the contractual loss that are a direct result of the breach (for example, profits lost due to undelivered equipment).
- Liquidation damages: These are damages specifically outlined in the contract during the initial negotiations, agreed to by both parties.
- Nominal damages: These damages are awarded when the harmed party does not suffer an actual monetary loss, but the judge wants to show that the winning party was in the right.
- Punitive damages: These are damages awarded to punish the party that breached the contract, and intended to discourage similar behavior in the future.
The judge may order the party that breached the contract to meet its obligations as defined in the contract in the rare cases when monetary damages are unable to compensate for the harmed party’s losses.
Syprett, Meshad, Resnick & Lieb is committed to protecting the interests of individuals and businesses in the Sarasota and Bradenton areas of Florida. To schedule a consultation with our experienced breach of contract lawyer, contact us today online or at 941-365-7171.