Business law is a broad area of law that deals with topics like employment disputes, contracts, shareholder and partner disputes, and consumer law. In Appleton and the rest of Wisconsin and the country, state and federal business laws support and sustain our economy.
Contracts are a way many businesses protect themselves and their clients. When you sign a contract, whether it is an employment contract, a lease, or a contract for services, you are signing a legally binding document that outlines your rights and your obligations regarding the subject of the contract. When a party fails to uphold the terms of a contract he or she signs, he or she commits a breach of contract.
There are four ways a contract can be breached. They are:
Depending on the type of breach that occurred and the extent of the damages it caused, the non-breaching party may seek compensation for their damages as well as changes to the contract.
Often, contracts include how disputes will be handled if they arise. Many state that disputes are to be resolved through arbitration, which is a form of alternative dispute resolution that allows disputes to be settled outside the courtroom by neutral parties known as arbitrators.
The breaching party may be required to perform their duties as outlined in the contract or the contract may be canceled, depending on the details of the case. The non-breaching party may receive compensation for its costs and the losses it suffered because of the breach, for specific damages stated in the original contract, and/or for incidental costs that arose as a result of the breach.
Before you sign a contract, go over it with an experienced Appleton business attorney to make sure that it does not contain any unfair or illegal clauses. If it does, consider revising the contract and having the other party sign the new version. If you are involved in a breach of contract dispute, talk to an experienced business lawyer about your rights and options. Contact our team at Hammett, Bellin & Oswald, LLC today to schedule your initial consultation with us.