A contract is defined as a legally binding agreement that recognizes and governs the rights and duties of those involved, whether it be two or more parties. An agreement typically involves the exchange of goods, services, money, or the promise of doing so later on. In today’s business world, contract disputes are fairly common, regardless of the industry. When an agreement is drafted and signed, this binds the parties together for a period of time. However, when one party deviates from the terms of the agreement, this is known as a breach of contract. Employees usually have to sign a contract before starting work with a company. This can also apply to freelancers or independent contractors.
Breach of Contract
Contract disputes typically arise as a result of one party not abiding by the terms of the contract. This can occur when a person does not perform his or her obligations or fails to comply with the rules in the agreement. In some cases, the legal agreement may have left out important information that causes a dispute. In other situations, a person may falsely represent his or her qualifications for a job or project.
Another major reason for breach of contract stems from the interpretation of the terms between the parties. When two parties disagree about the meaning of their respective responsibilities, that can cause problems. If an individual does not uphold his or her obligations outlined in the contract, the other party can file a lawsuit under the claim of a breach of contract....