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If a breach of contract occurs or is allegedly committed, one or both parties may seek to have the agreement's terms enforced or pursue compensation for any resulting financial harm.
What is a breach of contract?
When one of the agreed-upon terms and conditions is broken, there has been a binding contract breach.
A breach could be anything from a missed payment to a more serious offense like failing to deliver a promised asset.
A contract has legal effect and is upholdable in court. When a contract is found to have been broken, the remedy is typically to provide the victim what they were first promised.
Punitive damages are seldom awarded when promises are broken, and a breach of contract is not considered to be a crime or even a tort.
Hence, If a breach of contract occurs or is allegedly committed, one or both parties may seek to have the agreement's terms enforced or pursue compensation for any resulting financial harm.
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