In some way, shape or form, all Kansas businesses rely on contracts to provide or receive goods and services. While these contracts can be beneficial to all of the parties involved, there is always the possibility that one or more parties may not deliver on their promises.
A breach of contract is when a party to an agreement fails to fulfill obligations that were laid out therein. The breach may line in a failure to fulfill obligations within a certain agreed time frame or if the failure to complete a project. A breach of contract may be deemed material or immaterial depending upon the nature of the breach. For example, if the breach did not cause damages to the other party, it may be an immaterial breach of contract which would most likely mean that there would be no money damage involved. If the breach of contract caused damages, the breach would most likely be deemed material and the party that sustained the damages may be entitled to compensation.
There are several ways that the parties can deal with a breached contract. Depending upon the circumstances of the breach, the parties may try to enforce the terms of the contract or attempt to recover any of the financial losses that occurred. If the issue cannot be solved, the parties may need to turn to the courts to resolve the breach.
It is recommended that parties that believe that they have damages as a result of breach of contract consult with an attorney who has experience in commercial litigation. The attorney can determine if the client has a case against another party as well as determining the monetary losses that have been suffered as a result.
Source: FindLaw, ““Breach of Contract” and Lawsuits “, October 30, 2014