Before we discuss Kentucky breach of contract laws we have to know about the Kentucky contract law. It is designed to protect them who prepare and enter into a legal contract. There are various types of contracts but the basic points of them are the same. There should be two or more parties in a contract and there should be offer and acceptance. The contract should also include the payment details and the punishment or penalties details in case of breach of a contract. If you will stay within the Kentucky Contract law, then this law will protect you and your business from the expensive legal procedure. So it is very important to all the parties in a contract to follow the proper legal procedure. To ensure a better security you should draw up your contract by a learned contract lawyer.
A Kentucky breach of contract may be a violation of contract provisions that happens against a contract shaped underneath Kentucky Laws. Such a breach can occur for similar reasons and have similar consequences.
Kentucky breach of contract laws is basically governing by the Chapter 355.2 of the Kentucky Revised Statutes. The last amendment happened in 2018. This Statute clarifies the procedure to get remedies on Breach of Contract in Kentucky.
Defenses against Breach of Contract Claims:
If a charge of breach of contract is brought against you, there are many defenses you may take in Kentucky. Those are:
- If the contract was not in written form.
- If the contract is not the agreement that was supposed.
- If the contract created in an abnormal mental state.
- If there is any undue influence or force was exerted.
- If the contract was created with an error.
- If the contract is unconscionable.
- If there any unconscionable power was used.
Breach of contract Damages:
If you are bringing a charge of breach of contract against a party, there are many different types of damages you be faced to pursue in Kentucky: These includes:
- Compensatory Damages: These can cover the losses of the non-breaching party with the aim of creating them whole once more.
- Expectation Damages: These can cover damages for what the non-breaching party expected to get out of the contract.
- Reliance Damages: These can cover damages incurred by the non-breaching party whereas performing their duty as stipulated by the contract.
- Consequential Damages: These are known as special damages and they cover losses indirectly associated with the agreement.
- Liquidated Damages: These cover specifically named damages associated with the contract.
- Punitive Damages: These damages goal is to penalize the breaching party.
- Nominal Damages: These damages that occur undue to any financial damages that occur due to the breach of contract.
- Restitution Damages: These damages awarded once the breaching party benefited from the breach at the non-breaching party’s expense.
If you are facing any problems or have any quarries regarding Kentucky Breach of Contract Laws, then please do contract with our learned Contract Lawyer.