Getting Started on Breach of Contract: An in-Depth Guide for New York Executives
Navigating Breach of Contract as a New York Executive, with a Business Lawyer's Help2 min read
When you’re a New York executive, understanding the complexities of a breach of contract—and navigating these waters with the help of experienced business lawyers—may be daunting. After all, even a seemingly straightforward contractual agreement may require extensive legal research and adherence to complex federal, state, and local laws.
To help New York executives handle breach of contract matters with ease, this guide provides an overview of the issue, explores potential consequences, and engages with best practices for success.
What Is Breach of Contract?
A breach of contract is a disagreement or violation between two parties or more who engage in a contractual arrangement. Contracts may be written or verbal; either way, they are legally binding agreements. Disagreements and violations may arise due to not following the terms of the contract in either action or inaction. In some cases, courts may interpret an ambiguous contract clause as innocent or intentional, depending on the context of the case.
What Are the Potential Consequences of Breach of Contract?
The potential consequences of a breach of contract vary depending upon the magnitude and type of violation. Small disagreements may be resolved without legal assistance. However, large-scale violations may require extensive data analysis and significant resources in order to properly prove and prosecute the case in court.
Some of the most common types of legal recourse available to victims of a breach of contract include monetary damages, rescission or cancellation of the contract, and specific performance. Common remedy awards include compensatory damages (also known as “actual damages”) for tangible losses, consequential damages for certain types of losses (such as those due to the delay of an agreement), and punitive damages for malicious actions.
Other forms of recourse may be available to victims, depending on the unique facts and circumstances of the case.
Best Practices for Success
In order to prevent and amicably resolve a breach of contract, New York executives should take the following steps:
Develop and maintain strong relationships with vendors, partners, and clients.
Document any terms and conditions of a contract in writing and in detail.
Business lawyers should review any contracts before they are signed and should rely upon regular legal counsel on contractual issues. Elizabeth Kim, a business lawyer in the UpCounsel network, said that “contracts should serve two main functions: protecting your business and helping your business succeed.”
Carefully analyze and address any potential disagreements before they become disputes.
Be aware of New York state and municipal laws related to contracts.
Contractual breaches in New York should be addressed with great urgency in order to ensure the best possible outcomes for both parties. Business lawyers may be able to assist executives with the legal analysis and proceedings that may be required to efficiently and successfully manage a breach of contract. To understand and properly assess a breach of contract, consider reaching out to the UpCounsel lawyer network for guidance and support.