As a person involved in any form of business transaction, you should make sure that you have a basic understanding of business and contract law. These laws protect your rights as a business and an individual, and they are designed for you to fall back on when you need them.
If you have recently been involved in a situation where you believe that a contract you have entered into has been breached, it is important that you take the time to understand the different types of breaches that can occur, as well as the action that you should consider taking in the event that a breach takes place. The following is a brief overview of breaches that can occur in business contracts.
What makes a contract valid?
First, you need to ensure that the contract you believe has been breached is, in fact, valid. For a contract to be valid, it must be an intentional offer of the exchange of goods and services. Each party must provide an offer of value, and both parties must have accepted this offer.
Failure to complete a job
One common breach of contract is failing to complete a job that was mentioned in a contract. For example, if a contractor invoices you for work that was not done as agreed, you do not have the duty to pay them if they breached the contract by not completing the work.
Failure to provide services
Services that were mentioned in the contract need to be provided, whether that service is information, digital tools or if the service took longer than the provider expected.
Failure to pay on time
Even if payment is received eventually, a late payment could, and mean that the contract does not need to be observed.
If you believe that you have experienced a breach of contract, it is important to take action to understand the best thing to do to