Entering into contracts is one of the most important parts of any business. Unfortunately, some businesses may enter into contracts with parties that fail to honor the terms of the contract. That is why it is important to resolve a breach of contract issue that can negatively impact your business in a number of ways. If your business is dealing with a breach of contract issue, you should consult with an experienced Columbia, MD breach of contract attorney today.
The Heyman Law Firm understands the many consequences of a breach of contract, and we are here to help you pursue a desirable outcome to your breach of contract claim. To schedule a confidential legal consultation, contact the Heyman Law Firm at (410) 305-9287, or contact us online.
Necessary Elements of a Business Contract
A contract is an agreement between two or more parties to perform a specific task or to promise some performance. Contracts can cover a wide range of topics, like securing goods or requesting a business to supply you with a service. To ensure that a contract is valid, there are certain topics that a contract must cover.
An offer is one portion of a contract that outlines the goods or services that are being bargained for. For example, one business may contract with another for marketing services for their business. Once an offer has been made, the terms of the contract must be accepted by all parties involved. If one party does not agree to the terms of the contract, there is no acceptance.
Consideration is also required for a contract to be valid. To satisfy the condition of consideration, there must be value for each of the party’s performances or a promise for performance. For example, if a party to a contract offers to sell real estate for substantially less than the property is worth, this may not be valid consideration.
Finally, there must be mutual assent by all parties to the contract to ensure the contract is enforceable. This means the parties to the contract must be aware of all the terms of the contract, must agree to abide by those terms, and must understand they are entering into a contract.
It is important to note that while not all contracts must be written agreements, it would be wise to have proper documentation of a contract. Failure to have a written contract can make it extremely difficult to allege that a party committed a breach of contract. While previous performance can be valid evidence, there are better options to prove a breach of contract.
Additionally, some agreements may require that a contract be written in order to be valid. For example, contracts involving the sale of real estate or certain expensive items will require a contract to be in writing in order to be valid. This rule is referred to as the Statute of Frauds, and it can affect the enforceability of a contract under a variety of circumstances.
To learn more about filing a lawsuit for a breach of contract claim, you should continue reading and speak with an experienced Columbia breach of contract attorney.
When to File a Breach of Contract Claim in Columbia, MD
If you wish to file a breach of contract claim in Columbia, MD, you should be on notice that your claim is subject to the statute of limitations. The statute of limitations determines the amount of time that a claimant has to file a particular type of claim, meaning that each type of case may have a different statute of limitations.
In Maryland, the statute of limitations for breach of contract claims is three years from the date of the breach. If the non-breaching party does not proceed to file their lawsuit within three years of the contract breach, the court will bar their claim. This could make it impossible for a non-breaching party to pursue compensation for their claim.
As mentioned, it is wise to ensure that your contract is in writing, which will make it easier to enforce against a breaching party. However, even if a contract is not in writing, the statute of limitations will not change from three years, although there are certain circumstances where a plaintiff could have a statute of limitations that lasts for several years. Speaking with an experienced attorney can give you a better idea of what to expect when pursuing a breach of contract claim.
Speak with Our Experienced Columbia, Maryland Breach of Contract Attorneys to Discuss Your Claim
If your business is engaged in a breach of contract claim, contact an experienced Columbia breach of contract lawyer today. The legal team at the Heyman Law Firm possesses extensive experience litigating a variety of commercial litigation claims, and we are here to fight for you. To schedule a confidential legal consultation to discuss your claim, contact the Heyman Law Firm at (410) 305-9287.