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Many states utilize a mix of statutory and common law to provide remedies for breach of contract. There are two general categories of remedies for breach of contract: damages and performance. Damages involve seeking monetary compensation for a breach of contract. Performance involves forcing the other side to do what they originally promised in the contract agreement.
→ Read MoreA valid contract has an offer, an acceptance and consideration. If a contract meets your states requirements for a binding legal agreement, you are generally bound by the contract. Each state provides its own set of exceptions. One generally accepted exception is fraud. Depending on the nature of the fraud and the extent of your damages, if any, you may have criminal or civil remedies.
→ Read MoreThere is generally only one way to have oneself removed as the cosigner of a loan; a cosigner’s name is removed is when the loan is paid off. Assuming the borrower or cosigner aren’t able to pay the loan, a cosigner may be removed if the loan is refinanced or if a new loan is taken out to pay off the old loan.
→ Read MorePeople often wonder if they should take action against another when a breach of contract occurs. The first thing to consider is whether a breach has actually occurred. The answer depends on the nature of the contract itself.
→ Read MoreIf someone is accused of breach of contract, there are a number of defenses available to argue that a contract should not be enforced. If any of the basic elements of a contract are missing, or if the contract was made with someone of diminished capacity or for illegal purposes, a contract can be unenforceable.
→ Read MoreIf you’re renting furniture, a television, or other items from a rental center, and you fail to pay the rental fee on time as noted in the contract, the company may charge you with theft in some states. However, whether the theft charges will be a felony or not will depend on how much the rental goods are worth.
→ Read MoreIf credit worthiness has failed, for whatever reason, then there is no consideration for the contract and the contract fails. For example, if the dealership cannot obtain an approval from its ‘backer’ for the loan due to your failure in credit, then the contract must be re-negotiated as far as credit is concerned and who will back you in the event of default.
→ Read MoreFind the right lawyer for your legal issue.
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