If you have one or more business partners then you need to have a buy-sell agreement or buyout agreement included in your partnership agreement. Think of a buy-sell agreement as a prenuptial agreement for your business. The agreement sets into writing what will happen if one of the owners leaves, retires,
Read moreExamples of Breach of Contract
Contracts are created to establish the responsibilities and expectations of parties that choose to engage in business transactions with one another, whether they involve business to business transactions, construction or licensing agreements, or the employee / employer relationship. They also provide for remedies for when things don’t go as planned.
At A|Squared Legal Group, we help clients prevent and mitigate damages that may result from a breach of contract which is the failure, without legal excuse, to perform any promise contained in a binding and legally enforceable contract.
Read moreBreach of Contract Remedies - When Money Alone is Not Enough
The best way to avoid a business dispute is through binding and legally enforceable contracts. But what happens when the other party fails to keep their end of the bargain?
A contract is “breached’ when a partner, vendor, or third party acts unlawfully, violates the terms of a contract, or fails to perform any promise contained in the binding and legally enforceable contract. Michigan law allows parties who prevail in breach of contract claims to be “made whole,” which usually means monetary payment in the form of damages.
Read moreRemedies for Breach of Contract
Although it is imperative for a successful business to have strong underlying contracts under which they operate. Even the most well-negotiated contracts do not guarantee that you will never deal with a party that does not perform as agreed. Depending on the nature of the contract breach (material vs. non-material), you might be entitled to damages.
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