A breach of contract refers to an instance in which a legally binding agreement between parties is in some way broken or terminated by one or more sides. This situation may be applied to various cases of litigation, as contracts are made and terminated over any number of businesses. Contract breaches can cause serious damages within a business or economic context. Whether it is in a real estate setting, medical treatment plan, business transaction, or other type of agreement and/or exchange, a breach of contract can cause legal problems if not handled properly.
Because contracts are often made over monetary agreements, lawsuits involving breach of contracts usually require the services of an expert with a background in other financial or business management areas. A breach of contract may cause a business-related setback, business interruptions, economic damages, and/or lost profits, as well as issues with investments, financial modeling, declarations, loss reserves, risk assessment, and mergers and acquisitions. Since a lot of contracts are based on deadline-driven criteria, time sensitive obligations are often violated due to a potential breach of contract.
The consequence of a breach of contract varies depending on each particular situation. A construction company, for instance, may fail to meet the demands of a construction contract by utilizing inadequate materials in a building, while an entire business may suffer from financial loss when a party suddenly withdraws from a merger and/or acquisition agreement. Each of these scenarios, as well as others occurring in various fields, may be grounds for a lawsuit.
Call ForensisGroup or submit an expert request form to find the right breach of contract expert witness for your case.