Minnesota contract laws require that a contract should be legally binding on its parties to be made legally enforceable.
- A breach of contract is said to have occurred where one party fails to live up the conditions mentioned in the contract and the other suffers losses due to such non-performance.
- The party who fails to perform the promise will be called the defendant and the aggrieved party will be called the plaintiff.
- The defendant is required by law to compensate the plaintiff through financial means or through specific performance.
- In cases where financial compensation will not be appropriate the defendant has to provide specific performance of the contract.