Terminology Involved With Breaking A Contract

Contracts are often necessary to further business, but there are times when contracts which have been previously undertaken can be restrictive. Whenever this happens, the terms of the contract may prevent you from easily dissolving the contract. Thus, you must find a way to break the contract, and this is where understanding the terminology involved in contract law can be helpful. 

Impossibility of Performance

A contract will typically dictate an action that the contracted party must undertake; this action is called the performance. If, however, you find yourself unable to perform the action even though you anticipated in good faith you would be able to, you should be legally able to break your contract. You should also break your contract if the party whom you are contracted with is no longer able to perform their assigned role. 

Rescission

In some cases, you may enter into a contract under false premises. A person might misrepresent the quality of the goods or services that they intend to share with you. If, for instance, a seller shows you a prototype of a product, and you base your contract on what you see in the prototype, you should be able to break your contract if the quality of the goods they actually provide falls short of the quality shown in the prototype. Since the seller misrepresented their products in the first place, you are under no obligation to accept their inferior products. 

Breach of Contract

A breach of contract involves failure to meet the demands of the contract. While this is a sure way to break a contract, it is not something that you should undertake lightly. If you have an obligation to a party, they will depend on you to fulfill your end of the contract in order to operate their business as they see fit. If your inability to meet the demands of the contract undermines their ability to carry out their business, then you may have to pay them for any loss of business they suffer due to your inability to perform your end of the contract. On the other hand, if you really need to break your contract, a small payment may be worth finding the means to break your contract. 

If you are having a hard time finding a way to break your contract, then you may want to talk with a lawyer who is well versed in corporate law, such as George M Cappello, Lawyer. They should be able to review the terms of your contract and find an acceptable means of dissolving your contractual bond. 

About Me

The Internet Makes Learning about Law Easier than Ever

Unlike many children growing up today, I am old enough to remember what life was like before the internet became popular! Many years ago, I ended up in a messy legal situation that stemmed from a simple misunderstanding. It turned out that I actually did not break the law, and finding that out in court was a great relief! While I had a great lawyer who helped me during that time, reading some legal information for myself about the laws surrounding my incident could have greatly eased my worries during the stressful time. I have since dedicated myself to learning more about the law, so I never have to deal with a legal mess again. I thought I would make a blog to share some legal knowledge I have acquired along with some general legal tips. I hope I can help many people!

Search

Categories

Latest Posts

25 March 2024
Divorce represents a significant turning point in an individual's life, often accompanied by emotional, financial, and legal challenges. Seeking the e

5 February 2024
Navigating the aftermath of a car accident can be a tumultuous experience, and understanding the critical role of a car accident attorney is essential

4 January 2024
Dog bites are a common occurrence, and they can be terrifying and life-altering. The physical and emotional trauma of a dog attack can leave a lasting