Maryland Breach of Contract
Relationships between companies are usually mutually beneficial. However, conflicts can arise from time to time. It is something that just can’t be avoided. If you are a company owner, you will encounter business disputes sooner or later. In most cases, these situations require only a minor mediation, but sometimes they can demand a severe legal action. If you are facing one of these problems, it would be the best idea to contact experienced and knowledgeable lawyers who will represent your interests and provide a proper assistance. A common form of business dispute in Rockville Maryland is breach of contract law.
Business conflicts can be very time-consuming, complex, and challenging to resolve. It is not a surprise that many company owners decide to hire experienced attorneys to help them. Legal experts focus on solving the case and achieving the favorable outcome for their clients, no matter if it is through mediation, litigation, or binding arbitration.
Contracts
There are two types of contracts – verbal and written. Both of them consist of a voluntary and legally binding promise between two or more parties to do or not to do something. If you are a business owner, you should keep in mind that it is a better idea to get the contract in writing. In case of conflict, it can be challenging to pin someone down on their word. On the other hand, in case of a written contract, it will be hard for one of the parties involved to deny their contractual obligations. Every contract needs three elements so that it can be valid: offer, acceptance, and consideration.
Breach of Contract
This type of dispute is also called a default, and it occurs when one of the parties involved fails to fulfill its obligations under this legal document partially, entirely, incorrectly, or in any other manner that is not suitable according to the contract. If a party fails to live up to the required responsibilities, without a legally valid excuse, a breach of contract will occur. When this happens, the terms from this legal document can be reconsidered or renegotiated. If something like this is not an option, a suit will be filed.
There are two types of outcomes: monetary compensation and completion of performance. In the first case, the non-breaching party will receive the reimbursement equal to what they would get if there was no breach of an agreement. In the second case, the breaching party will be obligated to complete the service agreed upon in the contract, and it is referred to as specific performance.
The usual Statute of Limitations for filing a suit in Maryland is three years. If the amount in question is over $10,000, the case will be handled in the Circuit Court. If it is between $5,000 and $10,000, it will be processed in either Circuit or District Court. Finally, if it is less than $5,000, the situation will be handled in small claims court.
The usual Statute of Limitations for filing a suit in Maryland is three years. If the amount in question is over $10,000, the case will be handled in the Circuit Court. If it is between $5,000 and $10,000, it will be processed in either Circuit or District Court. Finally, if it is less than $5,000, the situation will be handled in small claims court.