Before discussing Kentucky’s breach of contract laws, we have to know about the Kentucky contract law. It designs to protect those 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 an offer and acceptance. The contract should also include the payment details and the punishment or penalties details in breach of a contract.
If you stay within the Kentucky Contract law, this law will protect you and your business from expensive legal procedures. So it is essential for all the parties in a contract to follow the proper legal procedure.
To ensure better security, you should draw up your contract with a learned contract lawyer.
A Kentucky breach of contract may violate contract provisions that happen against a contract shaped underneath Kentucky Laws. In addition, such a breach can occur for similar reasons and have similar consequences.
Kentucky breach of contract laws is governing by 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 it was supposed to.
- If the contract creates an abnormal mental state.
- If there is any undue influence or force was exerted.
- If the contract creates an error.
- If the contract is unconscionable.
- If there is any unconscionable power 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 faced with pursuing in Kentucky: These includes:
- Compensatory Damages: These can cover the losses of the non-breaching party to create 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: This damage’s goal is to penalize the breaching party.
- Nominal Damages: These damages occur undue to any financial damages that occur due to the breach of contract.
- Restitution Damages: These damages award once the breaching party benefited from the breach at the non-breaching party’s expense.
If you face any problems or have any quarries regarding Kentucky Breach of Contract Laws, please contact learned Contract Lawyer.