Bus 670 Week 1 Assignment Legal Underpinnings of Business Law

BUS 670

Legal Underpinnings of Business Law

Breach of contract is when a business contract creates an obligation that is to be full filled by people or companies that enter into an agreement. By law a party's failure to complete the bargain which is under contract is known as a breach of contract. With regard to the specifics of the contract a breach can happen when a party fails to perform on time or does not perform at all according to the terms of the agreement. Breach of contract is categorized as material or immaterial to determine the appropriate legal solution or remedy for the breach (Retures 2012).

Compensatory damages put the non-breaching party in the position that they had been if the breach had not happened....