When a contract is breached or two parties have a dispute over a business-related matter, there can often be difficult legal issues that have to be figured out. Contract disputes are relatively common, but that doesn't mean that the solution to these disputes is easy to reach. We talked about partnership disputes in our last post, and this is just one form of a potential contract dispute. Shareholder disputes can arise, as can disagreement over purchases and sales, leases and contracts that involve employees.
Contract disputes are simply a part of the business world. You may not want to be involved in them as an owner of a business, but you should be prepared for one just in case.
If a breach of contract arises, there are usually a few different remedies that can be utilized to correct the issue. The first is an enforcement of the original contract, a decision that would be made by a judge. Another decision that a judge could make is to award financial reparations to the aggrieved party. There could also be a situation where the contract itself is nullified.
These are just a few possible outcome to a contract dispute. Considering every situation will be a little different, with varying circumstances and details, it is tough to definitively say what will happen in any given case. All you can do is prepare yourself as thoroughly as possible for a contract dispute scenario, and at Klein & Wilson, we aim to do just that.