For a valid contract to exist, it must include the following four elements:
Without these four elements, a valid contract most likely does not exist. A contract may be binding whether it is in writing or an oral agreement between the parties. Contract law can be very complicated and there are several exceptions to these rules. A skilled business litigation attorney will be able to analyze the facts of your case to determine whether a valid contact exists.
A breach of contract is simply the failure of one party to satisfy the requirements arising from a contract. However, not every breach will give rise to a cause of action. There are four elements a party must prove before she can bring a cause of action for breach of contract. Those elements include:
There are two main types of breaches: material and non-material.
A material breach of contract is a breach so fundamental to the contract that it allows the non-breaching party to terminate the contract. It shields the non-breaching party from any liability or further contractual obligations under the contract since the breach was so egregious.
A non-material breach of contract is still a breach; however, it is not as fundamental to the performance under the contract and most likely will not allow the non-breaching party to terminate the contract. If a party commits a non-material breach, they are most likely given a period of time to cure their breach before the contract may be terminated. In this situation, both parties are still bound by the terms of the contract. Contact a Business Litigation Attorney Today If someone in your life has breached a contract, or if you may be in breach, call KIRKER | DAVIS, LLP today to speak with a highly qualified business litigation attorney to help protect your interests.