Providing Representation for Claims involving Breach of Contract
Contract Dispute: Breach of Contract
A contract is a legally enforceable agreement between two parties. Whether you are an individual or representing a business, contracts are an essential part of our daily affairs, but every contract has the same essential parts: Each party to a contract makes a promise to do something, typically to take some action or pay some amount. If one party fails to act as promised, and the other party has fulfilled their own duties under the contract, the other party is entitled to legal relief. A breach of contract is simply a failure to fulfill the duties under the contract terms—that is, a broken promise.
Breach of Contract Damages
A party injured by a contract breach is generally entitled to be placed in as good a position as he or she would have occupied had the contract been performed. This type of damages is sometimes referred to as the injured party's “expectation interest” or “benefit of the bargain” damages. An injured party may also receive so-called “liquidated damages” for a broken promise. Liquidated damages occur when the parties agree, at the time they make the contract, that if one party breaches the contract, the breaching party should pay a specified sum. Thus, this is an amount written in the contract. There are other types of recovery for breach of contract depending on your specific situation.
One way to avoid contract disputes turning into costly and lengthy litigation is making sure you understand the terms and duties that arise from the contract. If you are entering into an important or complex contract, it is important to have a lawyer review the contract and answer any questions. Similarly, if you wish to ensure that a contract you are entering into is enforceable or offers you the protections you desire, you should have the contract drafted by an experienced lawyer who understands Iowa law.
Contact a Waterloo Contract Dispute Lawyer
Iowa law requires parties to bring a lawsuit for breach of contract within a limited amount of time. The period for filing any particular contract claim will depend on a variety of factors, including whether the contract was written or verbal. If you are involved in a potential contract dispute, call us today at (319) 234-4471 or contact us online to schedule an appointment with a Dutton Law Firm contract dispute attorney. You can also submit an Initial Consultation Form, which allows our attorneys to assist you more efficiently.
Meet Our Contract Disputes Attorneys