Breaching of contract occurs when certain terms and conditions in a formal written agreement of two or more persons are failed to follow. It happens when one party in an agreement is not able to stick to what has been agreed upon.
In a contract, when one side of the party refuse to perform completely what has been agreed on the exact date stated, it would be considered an actual breach. But inability to perform what has been stated in the bargain is announced in advance, this will be termed as anticipatory breach and the affected party can claim for the damages inflicted on their side by filing a case.
A minor breach happens when the innocent party in a contract is only allowed to collect for the actual amount of the damages incurred to them. Material breach is when there is failure of performing one part of the written agreement permitting the affected party to demand for the damages.
Fundamental breach of contract results when one party commits a serious breaching of term in the contract or even fails to perform what is stated in the agreement totally thus enabling the innocent party to decide whether or not to end the contract.
The usual remedy when a contract is breached is through payment for the monetary damages by the guilty party based on the same amount the innocent party would have been in had the contract been successfully performed.
The affected party must prove that there is an actual loss so that they can demand for the recovery of the damages incurred. There should be proper identification of the specific term in the contract that was breached. Having a contract put in to writing may not be necessarily done in every agreement, but it is still considered the best way to prevent those fraudulent claims to exist. With all the terms and conditions clearly stated in a contract, a person’s best interest will be protected.
Fraud is a form of dishonesty committed by a person for his personal advantage. Before signing a contract and agreeing to the terms and conditions written on it, be sure to read everything clearly. See to it that every term is understood and if in case there are terms you disagree with, inform the other party so that proper revisions may be made where both parties will approve.
