Here's What You Need to Know About Contract Disputes

If you suspect that the terms of your contract have been violated, you have options. Find out what you need to know in this article.

Whether you're buying a property, selling a car, or entering into an agreement, any important business transaction starts with a contract. A legal contract helps protect both parties who are entering into some sort of agreement. Contracts are used on a regular basis when leasing a home, obtaining a mortgage, starting a business, or hiring a contractor. Unfortunately, sometimes contract disputes occur. Typically, these occur when one party feels that the terms of a contract have been breached. If you have signed an agreement with another party and they have not upheld their end of the agreement, you may experience a contract dispute. Here's what you need to know.

Disputes Can Occur With Any Type of Contract

It's vital that each party who enters into a contractual agreement knows what the contract says and how it will affect them, personally. Sometimes, even when a contract is agreed upon, one party later changes their mind or fails to follow their legal obligations as laid out in the terms of the contract. There are two types of contractual breaches that can occur: a material breach, which is an incredibly large breach that can impact the ability to complete the contract, and a minor breach, which is fairly small and, while frustrating, does not inhibit the contract from being completed. In either case, the person who was not in violation of the contract (known as the non-breaching party) may sue for damages.

You Have Rights

Both you and the party you entered an agreement with are obligated to uphold the terms of the contract. If you notice that the other party does not follow through with the terms of your agreement, it's normal to feel anxious, frustrated, and stressed. You may feel that you have no way to encourage them to follow through with the terms of the agreement. Keep in mind, however, that a contract is a legally-binding document. This means that you can sue for damages when the other person breaks the contract. You do have rights when it comes to dealing with contracts, so don't let the offending party let you feel as though you are somehow trapped in a contract dispute with no options for resolution.

A Lawyer Can Assist You

While the other party may try to tell you that you shouldn't hire an attorney or that you don't have "legal rights," the reality is that you need to consult with a business lawyer as soon as possible. Your attorney can answer your contract-specific questions and let you know if the other party has breached the contract or if there are stipulations within the contract itself you might not be aware of.

As soon as you begin experiencing problems with a contract and you want to get the help you deserve, schedule a consultation with a lawyer who can help. Your attorney will guide you through the legal paperwork and processes. They'll help ensure you're able to reach a reasonable outcome that works for you and that you receive any monetary compensation you are owed.