Breach of Contract: Understanding Your Rights and Obligations

ORTHODOX PRINCIPLE OF CONTRACT LAW: PROMISE V. PERFORMANCE

The concept of contract law is based on the idea that individuals have the right to make promises to one another, and these promises should be kept. This principle is known as the ‘sanctity of contract’ and is an essential element in maintaining trust and stability in business relationships. However, there are situations where a party may fail to keep their promises, leading to disputes and potential legal action. In this article, we will discuss the Orthodox Principle of Contract Law, which relates to the rights and obligations of parties in a contractual relationship.

The Orthodox Principle of Contract Law is based on the simple premise that if parties have entered into a binding agreement, both parties are responsible for fulfilling their respective roles and obligations. This means that parties are expected to not only make good on their promises but also to perform in accordance with the terms and conditions of the contract. Simply put, a contract is not just a document outlining what is expected of each party, it is a legally binding agreement that requires each party to perform its duties as outlined.

Under the Orthodox Principle, the party who fails to uphold its end of the bargain is considered to be in breach of contract. This raises the question – what constitutes a breach of contract? In essence, a party is considered to be in breach of contract when they fail to perform their duties as outlined in the agreement. This could mean that they have not provided the products or services promised, have failed to meet deadlines, have not delivered goods on time, or have not paid the agreed-upon amount. Essentially, if there is a failure to perform in any aspect of the contract, this will be considered a breach of contract.

When a contract is breached, the non-breaching party has the legal right to seek recourse. This may include filing a lawsuit to recover financial damages or pursuing specific performance, where the party is required to fulfill their obligations as per the contract. It is important to note that not every breach of contract will result in legal action. In some cases, parties may be able to resolve disputes through negotiations or mediation, which is often a less costly and time-consuming process.

One important aspect of the Orthodox Principle of Contract Law is the concept of strict performance. This means that the party who is expected to perform is required to do so precisely as outlined in the contract. Any deviation, no matter how small, may be considered a breach. This is why contracts are often written in precise and specific language to leave no room for interpretation.

However, there are some exceptions to the strict performance rule. In certain circumstances, the party who is unable to perform their duties may be excused from doing so. This can occur in cases of force majeure, where external events such as natural disasters or war make it impossible to fulfill contractual obligations. Additionally, if a party is unable to perform due to the actions of the other party, such as failure to provide necessary resources, they may also be excused from performing.

In conclusion, the Orthodox Principle of Contract Law places a strong emphasis on the importance of keeping promises and fulfilling obligations. Parties who enter into a contract must be prepared to meet their contractual duties, and failure to do so may result in legal action. When entering into a contractual relationship, it is important to carefully review the terms and conditions to ensure that both parties are fully aware of their rights and responsibilities. This will help to maintain the integrity and trust of the contract, and prevent disputes from arising in the future.