Business owners enter into contracts all the time. Before you sign the bottom line, you need to understand what happens if you don't fulfill the contract or have a breach of contract, which is failing to perform any term of a contract, written or oral, without a legitimate legal excuse. This may include not completing a job, not paying in full or on time, failure to deliver all the goods, substituting inferior or significantly different goods, not providing a bond when required, being late without excuse, or any act which shows the party will not complete the work ("anticipatory breach"). Breach of contract is one of the most common causes of law suits for damages and/or court-ordered "specific performance" of the contract.
Learn from business law expert Jeff O'Brien, who joins Kevin Hunter, what you need to know about breach of contract as a business owner.
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