Types of Commercial Disputes
Breach of Contract
A contract is a legally binding agreement that outlines each party’s obligations and prohibitions. A breach of contract is when one of the parties in a contract does something they have agreed not to do or does not do something they agreed to do.
Violating even one portion of a contract can constitute a breach of contract. A major breach of contract can result in the agreement ending and the wronged party receiving restitution or compensation for damages suffered by the breach.
Defamation is a legal action brought against someone accused of making claims against another person or organization that may damage the reputation of that person or organization.
There are two types of defamation:
- Libel – damaging statements or claims made in writing or similar medium.
- Slander – damaging statements or claims made verbally.
Most defamation cases are civil, although they occasionally result in criminal charges.
Business fraud is another type of commercial dispute. In this case, it involves the dishonesty of a business towards a consumer or another business.
A consumer or business injured by business fraud is entitled to compensatory damages in the form of money awarded by a jury for the monetary loss suffered. In some cases, a defrauded consumer or business may be entitled to recover punitive damages, which is money awarded by the jury to punish the wrongdoer and deter the wrongdoer and others of similar wrongful conduct in the future.
Beasley Allen has successfully represented consumers in business fraud cases involving insurance companies, mortgage companies, banks, manufacturers, retailers, and other business entities.
Beasley Allen has also successfully represented businesses against other businesses in cases involving fraud, breach of contract, third-party interference with contract, and disclosure of trade secrets. For example, Beasley Allen has represented businesses against insurance carriers, banks, suppliers, franchisors, and competitors, to name a few. Beasley Allen has represented over eleven states in various consumer protection litigation. Many of those cases were filed against various pharmaceutical companies related to a fraudulent drug pricing scheme.
Before a commercial dispute occurs
One way to resolve a commercial dispute before it happens is to be organized and have good business practices. For example, experts recommend that a business owner have all contracts reviewed and approved by a reputable attorney. Doing so reduces the chance that a contract will be found invalid or unlawful. But, if a commercial dispute happens, keeping a secure and accurate records filing system will aid in resolving disputes quickly.
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