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Business Law

Breach of Contract

A breach of contract occurs when any party to a contract fails to perform a duty or promise under an agreement enforceable by law.

In order to be enforceable by law, the agreement must include the three basic elements of a contract: 1. offer; 2. acceptance; and 3. consideration. If an enforceable contract is formed and is breached by one of the parties, the non-breaching party may be entitled to an award of damages resulting from such a breach of contract. Additionally, if provided for by the contract or a statute, the breaching party may be liable to the non-breaching party for attorney’s fees and court costs expended by the non-breaching party in bringing its lawsuit.

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