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What is a breach of contract?

Contracts are especially important in the corporate world. From business contracts that specify ownership of a company to employee contracts that lay out the terms of a person's employment, the necessity of having a variety of issues made legally binding by contract is undeniable. These agreements list obligations on the part of all parties involved, and when one of these parties fails to uphold their end of the agreement, they have effectively breached their contract and broken Indiana law.

There are a variety of different situations that are considered a breach of contract. Agreeing to do something and simply not doing it, for instance, is one of the most obvious breaches. Additionally, even not maintaining full conformity to the contract while undertaking one's duty can be considered a breach. The legal system even considers it a breach of contract if a person or company doesn't fulfill their obligations by the deadline set in the contract.

It's important for all parties involved to attempt to solve their contract disputes in a fair manner, but when no agreement can be made, one of the options will be filing a lawsuit to recover financial compensation for whatever losses were suffered due to the breach. The involved parties could also opt for alternative dispute resolutions such as arbitration or mediation.

Anyone who enters into a contract expects for the other party to fulfill their end of the commitment. When the other party fails in doing this, however, it can result in financial loss and a host of other difficulties for those who performed their obligation as contracted. In these situations, an individual who seeks out legal assistance may be able to reach a fair outcome or recover compensation for their losses.

Source: Findlaw, ""Breach of Contract" and Lawsuits", November 20, 2014

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