When one party fails to hold up their end of the bargain in a commercial agreement, the consequences for your company can be dire, especially if the breach affects your ability to conduct business as usual. However, there are forms of breach of contract that may not be quite as obvious and may leave you wondering whether or not the actions of the other party are prosecutable.
In business, there are four types of breach of contract:
- Partial or minor breach (This occurs when one party fails to uphold part of their agreement, even if they ultimately delivery the product or service promised. Under such circumstances, the party who is negatively affected by the breach of contract is not necessarily entitled to enforce the performance of contractual terms but they may collect financial damages.)
- Material breach (This occurs when one party fails to perform part of a contract, thereby depriving the other party of the essence of what they bargained for, and this failure allows the other party to request damages because of the breach.)
- Fundamental breach (This occurs when the party who has been harmed by the breaching of a contract has the option to sue the other party for damages and formally end the contract.)
- Anticipatory breach (This occurs when one party knows that the other is going to breach their contract and may preemptively sue the breaching party for the damages that will be incurred as a result of the breach.)
All of the above types of contracts can cause your business to suffer, and you must seek wise counsel immediately in order to determine the best course of action in your particular situation.
Commercial Litigation Attorneys for Business Owners in Virginia
At Cantor Grana Buckner Bucci, we have fine-tuned our understanding of state and federal business laws through decades of dedicated service to our community’s business owners. Whether you experience an overt breach of contract or another complex dispute, we are prepared to evaluate your case and help you find a fast, effective solution to your conflict. Connect with one of our Virginia business litigation lawyers immediately if your business is being negatively affected by any of the following:
- Breaches of fiduciary duty
- Construction-related disputes
- Fraud of any kind
- High stakes/”bet the company” cases
- Interference with contractual agreements
- Misappropriation of trade secrets
- Real estate disputes
- Shareholder disputes
