The New York commercial considers only legal contracts for providing remedy against breach of contract.
- In order to file a lawsuit for breach of contract, a contract should have been entered into between the plaintiff and the defendant.
- The aggrieved party is called the plaintiff and the other party is called the defendant.
- The plaintiff should have performed his part of the promise as agreed in the contract.
- The defendant should have failed in performing the contract resulting in loss or damage to the plaintiff.
- The resulting damage can be set right through specific performance or through financial compensation as ordered by the Court.