When you enter into a contract with another party, you expect that party to uphold its end of the deal. As our team at the Aldrich Law Firm, Ltd., has seen, breaching the agreement can be devastating for both sides. One side is shorted, and if that side takes the other to court, there can be legal ramifications for the other side. If you find yourself in a contract dispute with an individual or business shirking responsibilities, you should be aware of your options.
Under Nevada law, there are statutes of limitation that dictate when you can file a claim against that party. If your agreement is in writing, you have six years; if it is oral, you only have four years.
Most often, the legal remedy associated with filing a claim is collecting damages. The party that breached the contract may have to pay you any of the following:
- Compensatory damages, which make up for your financial losses
- Punitive damages, which are intended to punish the party
- Liquidated damages, which may have been outlined in the contract
- Nominal damages, which could be awarded if no real financial losses occurred
It is also possible for you to cancel the contract when a breach occurs and then sue the party for restitution. This relieves you of any obligations and could entitle you to compensation that would restore you to the condition you were in prior to the breach.
Lastly, especially if damages are not an adequate solution, you could seek specific performance. This forces the party to perform its duty as outlined in the contract.
For more information on this topic, please visit our page regarding breach of contract.
