Termination of Contracts
When a party to a contract materially breaches its terms and conditions, we assist our clients in rescinding or terminating the contract. In many cases, contracts contain detailed provisions and requirements to terminate agreement. If these provisions are not followed, the party seeking to terminate the contract may find itself in violation of the contract. When seeking to rescind or terminate any agreement, it is important to retain legal counsel for advice.
Grounds for Rescission
Rescission extinguishes the contract and restores the parties to their original position. Each party typically must return what was received under the contract. A contract may be rescinded by consent of all parties. One party alone may rescind in cases of:
- mistake
- duress
- undue influence
- failure of consideration
- void consideration
- unlawfulness
- prejudice to public interest
Claim For Breach of Contract
A party asserting a claim for breach of a contract must prove:
- a contract
- the plaintiff’s performance or excuse for nonperformance
- defendant’s breach
- damages
