Breach of Contract and Remedies

The main goal of a business from a legal standpoint is to properly identify legal liabilities and develop a plan to effectively avoid or reduce the associated potential risk. Every time a contract is signed, potential liability is created for the business. All contracts should be closely read and fully understood prior to execution. In order to reduce/avoid risk, a company should create and implement a plan to address and resolve a potential breach of contract by other parties.

1) Explore the types of contracts your company will need to carry out its purpose. Make a list of contractual relationships that may affect your hypothetical company.

2) Design a plan delineating how your hypothetical company will handle a breach of contract.

3) Write a generic draft breach of contract letter that could be used in the event of a breach by another party. You may modify the sample letter in the link above to reflect the needs of your organization. Please do not submit it without your modifications.