In the business world, contracts are a common occurrence and serve a variety of purposes. Generally speaking, a contract between two or more parties requires that each party fulfills their individual obligations, as specified by the agreement. When a party fails to hold up their end of the deal, this constitutes a breach of contract and a business dispute and litigation may arise. While even the smallest misstep could technically be considered a breach of contract, you generally will not recover damages for breaches that the court does not deem material.
Common business breach of contract disputes
A breach of contract dispute can occur for a variety of reasons. For example, the contract may use terms that are ambiguous and the parties do not agree on what the terms mean. In other cases, one party may purposefully breach the contract due to the lack of proper performance by the other party.
No matter the reason, a breach of contract may involve:
- Failure to pay for goods or services
- Delayed delivery or lack of delivery of goods
- Delivery of incorrect or damaged goods
- Failure to provide timely services
- Breach of business formation agreement by business partners
Contracts are essential to the functioning of a stable economy. Breaching a contract can have long term and short-term implications for the breaching party. A Virginia business law attorney in your area can review the terms of your agreement and determine if you have a strong case against another party for breach of contract.