When conducting business we hope that all parties concerned will do their part in fulfilling their obligations; however, delays, misunderstandings and misfortunes happen and that is when a breach of contract occurs.
Bill Gates said that “Antitrust (breach of contract law) is the way that the government promotes markets when there are market failures.” He isn’t wrong, in saying that, either. Antitrust gives companies or signer parties power if a problem occurs within a contract. If the world were a perfect place, all arrangements would work out just like we expect them to, and no problems would arise. Unfortunately, we all know that this isn’t always the case.
In the eye of the law, when one party fails to fulfill the duties listed in a contract, they have “breached” the contract. At this point, the appropriate legal approach is decided; based on the monetary value of the case. Smaller cases are heard by small claims court (between $3,000 and $7,500 depending on the state) while larger cases are handled either in court or through out-of-court options called “alternative dispute resolution.”
Don’t believe everything you see on TV: Oral contracts are legally enforceable. While it’s always in your best interests to have a signed contract with legal terms written down, both written and verbal contracts are both enforceable by law. When contracts are completely oral, parties may dispute specific aspects of the contract, change the terms, or even forget the terms entirely. This leaves the burden of truth up to you to prove that an agreement was valid.
For more information about breach of contract style lawsuits, Wikipedia offers this excellent source. 
When proof is established, a breach of contract can have several very serious ramifications for the breach. The most commonly associated award is related specifically for damages, but awards can include any form of compensation for losses and expenses. These contract settlement awards include:
The party that breached the contract has to pay the party that didn’t breach the contract as if the contract had never been breached and was performed as expected.
The payment received by the guilty party from the court is awarded as a punishment.
These types of damages refer to the sale of a good or service. If assets are liquidated, the breaching party should pay the other party a specified sum written in the agreement previously.
Nominal damages are the smallest amounts provided to a party who won the case but didn’t have large amounts of money or other equitable good at stake.
In many cases, there’s more on the line than just “damages,” or sometimes a state won’t allow these decisions. In these situations, courts offer “equitable remedies” that take the place of monetary compensation associated with damages. These remedies can include specific performance and rescission remedies.
Specific performance remedies force the breaching party to fulfill their contract.
Rescission means that the court pretends that a contract never existed, and the court does their best to put a party in the same place as they were before the contract.
Because every state is different and contract law can be confusing it’s often much easier to speak with a business lawyer about your decision. Business attorneys can guarantee that you collect the necessary paperwork, documentation, and information before you ever accept any terms or negotiate any deals with other parties. You need a lawyer on your side to make sure that you meet specific regulations, like the statute of limitations for a breach of contract (which varies by state). If you’re wanting to finally get the justice you deserve for a contract, you have to file soon. If you fail to file, you lose your right to protest a breach.
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