Answers from a Business lawyer Memphis, TN Offers
As a business lawyer in Memphis, TN can tell you, a contract dispute can be costly, time consuming, and disruptive for your business. What could begin as a misunderstanding about the terms specified in a contract could evolve into a dispute that requires guidance from a Memphis business lawyer.
By having a legal understanding of contracts, you may be able to prevent a dispute from occuring in the first place. More importantly, a well drafted contract can protect you and your business, thereby giving you peace of mind knowing everything is in order. Whether you are involved in a contract dispute or wish to draw up a contract that minimizes the risk of a dispute, you can count on Wiseman Bray. Call us today for a consultation with a Memphis business lawyer from our firm at 901.372.5003.
What constitutes a contract?
A contract is considered valid when it includes the following five elements:
What is a contract breach?
A contract breach is essentially a broken promise. For instance, a contractor building your home did not complete it by the agreed deadline specified in the contract, or they built it with materials you specifically did not want and you specified as such in the contract that your Memphis business lawyer wrote.
Whether you are operating a business, maintaining a trust, or renting out an extra room in your apartment, you will likely be dealing with contracts. It can be easy for a party to breach these legal documents, even unknowingly. However, many contract disputes do not end up in court and are settled through arbitration, mediation, and negotiation. In fact many contracts will have a dispute resolution clause that mandates the aforementioned methods of resolving disputes.
Proving a Breach of Contract
When a party is alleging a breach of contract, your Memphis business lawyer must be able to prove that the other party, also known as the promisor, did not comply with their standard duty to perform. If that standard is considered to be a duty, skill, or care, the accusing party should show that the promisor did not exercise the diligence required in the contract. If the standard is strict, the party must only show the performance was not received. If there was an anticipatory breach, repudiation should be demonstrated. These matters can become complex which is why it may be in your best interest to talk with an experienced Memphis business lawyer from our firm.
Consequences of a Breach
Various remedies for a breach of contract are available and they can be detailed by your business lawyer in Memphis, TN. If a party is found to have breached a contract, they will most likely be required to pay for damages. These damages are meant to cover any financial losses suffered. In some situations, damages are not a sufficient remedy. In this case other equitable remedies such as the following might be available:
Specific Performance: The court could order a party to carry out specific performances or obligations as agreed to in the contract.
Injunction: The court might order a party and their business lawyer in Memphis, TN to adhere to an injunction which could fall into two different categories:
-Prohibitory Injunction: An order not to do something.
-Mandatory Injunction: An order to perform a certain duty.
Recession: Sometimes the court may require both parties to go back as far as possible to a position before they were in a contract together. This is also known as an ‘unmaking of a contract’.
Wiseman Bray: When You Need a Business Lawyer Memphis, TN Trusts
If you are dealing with a breach in contract, we can help. Call our firm today to learn more from a Wiseman Bray business lawyer in Memphis, TN.