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Business contracts are the cornerstones of any given organization. Besides defining your corporation’s legal obligations, it also outlines the working relationships you have with the people you do business with. Naturally, a breach of contract can not only ruin those professional ties, but it can also have a devastating effect on the future and integrity of an enterprise.
A contract is breached when one party does not fulfill the obligations it agreed upon. This can be anything from failing to pay an agreed-upon amount to a failure to perform within a specific period of time. In this case, the other party is obligated to pursue legal remedies for the losses they suffer due to the breach.
Breach of Contract in Illinois
According to the Illinois law, four elements of a breach have to be met for one party to sue the other.
1. The fact that a valid contract is in place.
2. The suing party performed their duties as per the contract terms.
3. The breach resulted in an injury to the plaintiff.
4. The party being sued breached the contract.
If you suffered from a breach of contract, hiring an experienced business litigation lawyer to resolve disputes can help you navigate the complex legal system from start to finish. They can also outline the legal options available and advise you on the best course of action to solve the situation. Plus, your attorney can also help you reduce the costs that contract disputes can result in.
Types of Remedies
The party suing for the contract breach is entitled to legal remedies. There are several types of damages that can be rewarded in this case:
Compensatory damages – includes money that is paid to compensate for the business losses suffered by the suing parting. It places the injured party in the position they would be in if the breach hadn’t occurred.
Liquidated damages – are those that are specified in the contract that was breached and it is a reasonable estimate of the actual damages.
Nominal damages – are token damages that are awarded when there are no financial losses suffered due to the breach.
If you are being sued for breach of contract, you need an experienced business litigation lawyer in your corner who can represent you aggressively and protect your business interests. Look no further than Michael D. Ettinger & Associates. Schedule a free initial consultation today at our Palos Heights law office.