Breach of Contract
Failure to fulfill the terms of a legally binding agreement without a valid legal excuse.
Detailed Explanation
A breach of contract can be material (fundamental failure that defeats the purpose of the agreement) or minor (partial performance with minor deviations). Remedies include monetary damages, specific performance (forcing completion), and rescission (canceling the contract). Breach of contract lawsuits cost $5,000-$50,000+ in attorney fees depending on complexity.
Related Terms
Mediation
A voluntary dispute resolution process where a neutral third party helps both sides negotiate a settlement.
Litigation
The process of resolving disputes through the court system, including filing lawsuits, discovery, and trial.
Damages
Monetary compensation awarded to an injured party in a civil lawsuit to compensate for losses suffered.