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Breach of contract: What you should know

If you own a business in San Diego, you probably already have some experience with contracts. For instance, you may have entered into a contract with a vendor where the vendor supplies you with product and you pay the vendor. Both you and the vendor get something you want. Unfortunately, sometimes things go wrong and one person either cannot or does not perform according to the contract. When this happens, it is a breach of contract.

While you and your vendor may have had a good relationship for some time, there could come a day when the vendor delivers the wrong product or doesn't deliver the product at all. Do you know what to do or what legal remedies are available when there is a breach of contract?

After the breach of contract

When there is a breach of contract, there are several options available. For example, if the vendor simply delivers the wrong product, you may choose to accept a correction of the mistake and continue with the relationship. However, if you suffered some kind of financial harm due to the wrong delivery, you may want to pursue additional compensation. If the two of you cannot reach an informal resolution, the next step might be to file a lawsuit.

Remedies

When you are the injured party in a contract, you are entitled to some kind of relief or remedy under contract law. You may be able to sue for damages, specific performance, or cancellation and restitution of the contract. If you sue for damages, the breaching party will have to compensate to return your business to its financial state as though the breach never happened.

You might also be entitled to punitive damages, nominal damages or liquidated damages. If the product the vendor supplies is extremely hard to obtain from another source, you may need to pursue specific performance. Cancellation and restitution could be an option if you choose to completely sever the relationship with the vendor, be free of any further obligations and only want to be restored to your original financial position prior to the breach.

If you have suffered due to a breach of contract, you may be able to take legal action and protect your company from financial loss. Don't let the actions of a negligent, reckless or fraudulent party hurt your company due to a breach of contract.

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