Consult with a Knowledgeable Chico Business Lawyer Today
Contracts are an essential aspect of business. From employment contracts to buy-sell agreements, nearly all transactions that a business engages in must be established in a written contract to explicitly state each party’s duties and settle any disputes that should arise.
While contracts can be useful, a poorly written or hastily signed contract can easily be used to take advantage of an unsuspecting party. At The Law Office of Nikki Farris, our experienced Chico business law attorney can protect your business’ interests by helping you draft, review, and negotiate all types of contractual documents.
Looking for a skilled contract review lawyer in Chico? Request a case review today to get started.
Skilled Advocacy for All Contractual Agreements
A well-written contract is similar to a finely tailored suit – it fits perfectly, and it will last a long time. In essence, a contract is a legally-enforceable promise that all parties will live up to their established duties.
Before you enter in to any sort of written agreement, it is imperative you let us ensure all terms are appropriate and protect you from any unfair hidden clauses.
We can help you create and examine the terms of any of the following contracts and agreements:
- Property leases
- Buy-sell contracts
- Shareholder agreements
- Employment contracts
- Operating agreements
- Partnership agreements
- Third-party contracts
- Non-compete clauses
Breach of Contract
In addition to contract creation, our attorney is a skilled litigator and can protect your business against breach of contract or breach of fiduciary duty. No matter what type of contractual situation your business may face, our breach of contract attorney is well-versed in all aspects of contract law and can help resolve your current and future contractual needs.
What Is a Breach of Contract?
When entering into a business contract, the agreement creates certain obligations that are expected to be fulfilled by the parties involved. If one of the parties fail to fulfill any of their contractual obligations, we have what is legally known as a “breach” of contract.
Different ways a breach can occur would be:
- When a party does not perform according to the terms of the contract
- If a party fails to perform on time
- Or the party does not perform at all
For the purpose of determining the appropriate legal solution or “remedy” for the breach, a breach of contract will usually be categorized as either “material” or “immaterial”.
What Are Remedies for Breach of Contract?
When a contract is breached, the person or party affected will be awarded a remedy or relief upheld by the law.
The main types of remedies that can be awarded for a breach of contract are the following:
Damages
A remedy that is the most common for a breach of contract would be the payment of damages in one form or another. There are different types of damages that can be claimed:
- Compensatory damages are designed to help the party who did not breach the contract by bringing them back into the position as if a breach of contract didn’t occur.
- Punitive damages reward the non-breaching party well above full compensation as a means to punish the wrongful party from breaching the contract in the first place. (These damages are rarely awarded for breaching business contracts, however).
- Nominal damages can be the remedy when there was no money lost for the non-breaching party. It is usually a token to prove that someone was right, with a cash value of about $1 or it can also be used as a tool to bundle the attorney fees of the non-breaching party to be paid for by the breaching party.
- Liquidated damages are determined beforehand between each party what the cost would be if the contract was breached. An example of this would be what a tenant would pay a landlord if they were to break a lease early.
Specific Performance
Specific performance is when the court orders the breaching party member to fulfill their side of the initial contract because damages would be an insignificant legal solution. This sort of remedy is unique because the number of damages and monetary values are unclear.
Cancellation and Restitution
In the event that the breaching party gained some sort of benefit from the breach, a cancellation of the contract and suing for restitution can be performed by the non-breaching party.
Canceling the contract takes away all obligations from either party and the contract will be void. Restitution is when the non-breaching party member gets put back into a position as if the breach had never occurred.
Trust in a Firm with 20+ Years’ Legal Experience
At the Law Office of Nikki Farris, we understand how important your business is to your livelihood. Our Chico contract attorney can help you achieve peace of mind through sound legal advocacy and proper contract formation. Protecting your company’s well-being is our top priority, and we are committed to doing everything we can to provide the practical legal solutions your business needs.
To find out more about how our business law firm can help, call today at 530-898-1488 to schedule a consultation with our experienced Chico contract review attorney!