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If one side fails to stick to her/her/its part of the bargain, there is a breach. A breach occurs when:
one party to a contract makes it impossible for the other parties to the contract to perform;
a party to the contract does something against the intent of the contract; or
a party absolutely refuses to perform the contract.
Not all breaches of contract are necessarily "contract killers" which would end up in a lawsuit. Much would depend on whether the breach is "material" or "immaterial" and who the parties are. If the breach is immaterial, you may have the option to:
ignore or excuse the defect and continue on as if nothing occurred,
point out the problem to the responsible side and give it/she/him an opportunity to fix it,
refuse to pay anything more until it is fixed, or
correct the work yourself and deduct the cost from any payment.
What makes sense for you will depend on the facts. Where the matter is substantial, the advice of an attorney can help you
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Which of these describes the contract between the debtor and the creditor when a bond is sold?
the debtor promises to pay the creditor the borrowed money with interest at fixed intervals over a specific period of time
Can you pay a debt to collector after a judgment?
You can pay the judgement, which will pay the creditor. Or, you can request to pay the creditor directly and negotiate for the judgement to be vacated (removed).
Can a creditor sue you if you are trying to pay them?
It would depend on what the term "trying to pay" means. Once a debt goes into default it is due and payable in full. Any creditor that takes payments on a defaulted debt is doing so outside of the bounds of that contract as a courtesy. So, if the debt in question has been defaulted, then yes, the creditor may sue you and take all remedies available to them under law.
What does it mean when a second mortgage goes to a collection agency?
It means the creditor wants its money and will pursue you in order that you pay that loan.It means the creditor wants its money and will pursue you in order that you pay that loan.It means the creditor wants its money and will pursue you in order that you pay that loan.It means the creditor wants its money and will pursue you in order that you pay that loan.
If your car is repossessed do you have to pay the balance?
you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.
What is the difference between a default and a breach of a contract?
A default refers to a failure to perform a contractual obligation on time, such as missing a deadline for payment. A breach of contract is a violation of any term or condition of the contract, such as failing to deliver goods as promised. In essence, a default is a type of breach, but not all breaches are defaults.
Can you void a contract with an oil exploration company because the bonus check to you bounced?
If a bonus payment is required under your contract with the company, failure to pay it is a breach of the contract and you may be able to void the contract on the grounds that they other party did not comply with its provisions. To do so, however, you may have to go to court and you will certainly have to provide formal, written notice to the company that a problem exists and give them a chance to correct it. Remember that a bounced check may not be an intentional breach of contract.
Is there a term to describe someone breaching a contract for economic benefit - ie when it is better to pay damages for breach of contract than to continue under it.?
Yes, the term for such a person is "intelligent." The system of contracts and remedies for breach includes the presumptionthat anyone with a "better deal" elsewhere will breach an inefficient contract, provided the risk of damages is outweighed by the potential benefits of the better deal.
Which of these describes the contract between the debtor and the creditor when a bond is sold?
the debtor promises to pay the creditor the borrowed money with interest at fixed intervals over a specific period of time
What makes a secured creditor a secured creditor?
A secured creditor is one who has a contract with you that says if you fail to pay, the creditor can take a specified item you own to satisfy the debt. Most common are purchase-money loans, such as mortgages or car loans, but it can be any item.
You signed a contract saying that you should pay a motorcycle for two years but wasn't able to pay on time for 6 months is that Breach of Contract?
It's a breach which may be a curable breach under the loan documents. The question really becomes was the breach cured. In other words, did the person ultimately pay. If the loan documents state that the Lender doesn't waive the right to declare untimely payments a breach then a breach could be called a default and the motorcycle could be repossessed. If the Lender accepts the payments late and the language doesn't preserve the right to call a default then the payments and acceptance are a waiver of the right to declare a default.
If there is a breach of contract on a college appt lease can the landlord legitimately refuse to return a security deposit?
If the breach resulted in rent being owed, then yes, the landlord can use the deposit to pay that arrearage (and then sue for the rest).
If a buyer does not have a title search done for a real estate purchase could he be in breech of contract?
He would be in breach only if he agreed in writing (in the contract) to pay for a title examination as a condition of the sale or transaction.
What happens if the car gets stolen and its still on finance with no insurance?
Car stolen and No Insurance.Well that really depends on what you do. As you know Failure to maintain the necessary coverage is a breach of the contract that you signed with the finance company.You were responsible for the note and you are still liable for the unpaid balance.Usually the finance company will give you the opportunity to pay off your debt if just you ask them. If you fail to pay off the debt then the insurer will have little option left but to sue you in court for the unpaid balance and breach of contract. They may be able to recoup their loss by way of a court judgment and any available property or salary liens.
What are the consequences for refusing to pay the judgment on a breach of contract?
The court can authorize the seizing of assets. The sheriff can confiscate items and sell them. Wages can be garnished as well.
Who pays court and lawyer fees when you are suing for a breach of contract in a building construction contract?
Losing party will pay some, but not all, costs. Each side is responsible for their own attorneys fees unless there is an attorneys fees provision in the contract.
How do you pay off a court judgment from a credit card company - pay the court or the lawyer for the creditor or the creditor directly?
You pay the organization/creditor to whom the judgment was granted.
