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Contracts are a common facet of business and are used to govern a number of business relationships that parties may enter into. Contracts commemorate an agreement between parties to a contract and establish the obligations and responsibilities of the parties according to the agreement. There are all kinds of contracts, including business contracts, employment contracts and real estate contracts.
Contract disputes can have a significant impact on business relationships, businesses and companies. A breach of contract can be damaging to the non-breaching party and their business interests. Because of the important role contracts play in business relationships, and the equally important negative impact a breach of contract can have on a business or company, it is important to understand how to effectively respond to a breach of contract.
The law governing a contract, and the potential remedies available, may vary based on the subject matter of the contract and other details of the contract. Contract disputes may involve asset purchase and sales agreements; contracts for services; disputes concerning how a contract is interpreted; disputes concerning employment contracts; as well as other types of contract disputes such as a breach of contract.
Many contract disputes may be prevented thanks to advance knowledge concerning how to properly draft a contract. Contract disputes, however, can sometimes inevitably arise so it is helpful to be familiar with the legal options available, including, negotiation or litigation, which can aid in reaching a desired outcome or resolution based on the circumstances and goals of the parties.
