As per Rhode Island business laws, a contract is a legally enforceable agreement entered into between two parties.
- It is governed by the Uniform Commercial Code and Common law (for employment agreements, trade transactions, lease agreements, etc.)
- Breach of contract is the violation of agreements as specified in the contract.
- When the consensus between the parties fail and it is no more possible to carry forward the contractual relationship, legal remedy has to be sought.
- Courts take into consideration the terms of the contract and facts of the case before determining the nature of compensation and the extent to which it has to be borne by the defaulting party.