Breaches of warranties and breaches of contracts are two of the most common reasons for business lawsuits.
If you find yourself contemplating a lawsuit against someone else or another business, you may find it helpful to understand the difference between each of these and the remedies available to you should you be successful in arguing your case.
What’s the difference between a contract and a warranty?
A contract is an agreement between two parties whereby one entity agrees to provide monetary or some other type of compensation to another in exchange for gaining access to a product or service. A warranty is a contractual relationship in which a seller extends a guarantee or assurance of their work product quality.
Remedies that exist for breaches of warranties or contracts
The Uniform Commercial Code (UCC) affords plaintiffs many options for resolving any breaches of contract that they may face. They can file suit to terminate their agreement. They also can petition the court to recover the difference between an item or service’s value or demand a return of funds that they might have already paid for non-rendered or delivered services.
UCC only allows a plaintiff that alleges that a breach of warranty occurred to recover damages associated with a defendant’s lack of performance. In either case, the court bases awards that a plaintiff may be eligible to receive on the actual breach instead of the contract’s validity.
How to proceed in your contractual dispute
It can be disheartening to discover that someone that you went into business with here in Olive Branch didn’t adequately uphold the terms of your agreement. An attorney can advise you of the remedies that Mississippi law allows you to pursue in your contract dispute case.