What is a Breach of ContractA contract is a written or verbal promise or series of promises between two parties in which both promises to perform a certain duty or pay a certain amount. The agreement is meant to be legally enforceable so in the case a promise is not kept, the other party will have legal recourse. Wikipedia defines a breach of contract as:
A legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party’s performance. Breach occurs when a party to a contract fails to fulfill his or her obligation as described in the contract, or communicates an intent to fail the obligation or otherwise appears not to be able to perform his or her obligation under the contract.
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Breach of Contract – Types of BreachesThere are several types of breaches of contracts. A minor breach, also known as a partial breach, occurs when one party meets the essential obligations of the contract but does not meet a condition that is minor and essentially does not affect the contract terms. A material breach is more substantial and generally excuses the non-breaching party from performing and giving the right to sue for said damages. A fundamental breach occurs when one party violates the contract in such a way that the other party may choose to terminate the contract, seek damages, or both. An anticipatory breach occurs when one party fails to live up to a promise prior to fulfilling the contract’s obligations.
Breach of Contract – What NextWhat types of remedies are there for when one party breaches a contract with another? Compensatory damages are the most common form. These are monetary awards to compensate the aggrieved party and can be court ordered. A second is restitution. This is a court ordered compensation in which the breaching party is to pay back the non-breaching party the amount to make the non-breaching party whole again. A third, punitive damages, may be ordered by the court as a way of punishing the breaching party for breaking the terms of the contract. This is usually seen when the breach is especially heinous.
Breach of Contract Pre-settlement Funding?Thrivest Legal Funding, LLC understands that life doesn’t slow down when you’re involved in a lawsuit. Day-to-day living expenses still need to be met without the worry of “how” or “where.” When you need money, we’ll make our best effort to provide you with financial options to ensure you receive the optimal result for your breach of contract lawsuit without having to settle for less because of financial pressure.
Is legal funding right for you? Before you make a decision, download our Legal Funding Guide and utilize our Legal Funding Calculator.
Thrivest Legal FundingThe legal funding application and underwriting process is quite simple but the speed is entirely dependent on the availability of your attorney. First, you simply fill out our quick form or our full application.
From here, a Thrivest Legal Funding Specialist will reach out to your attorney and gather any necessary paperwork related to your case.
Third, after the paper work is gathered the file will be analyzed by our underwriting department and if approved Thrivest will create a contract that must be signed by both the plaintiff and attorney. And finally, once the signed contract is returned, Thrivest can send the pre-settlement advance via check, debit card, or wire.
Legal Funding BenefitsThe financial strain that comes along with a breach of contract claim often times forces a plaintiff to settle for much less than the case is worth. Thrivest alleviates that strain by providing quick, easy and affordable access to non-recourse funding for everyday living expenses. Unlike may competitors, funding decisions take hours, not days. And, you can use the money however you choose.
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