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In this article, we will explain some of the remedies most commonly used for breach of contract cases. Five remedies for breach of contract include: “Award of Damages”, “Restitution”, “Rescission”, “Reformation”, and “Specific Performance”.
In this article, we answer the question, “When is a Contract Unenforceable?” In doing so, we will discuss what it means for a contract to be unenforceable and explain eight situations in which a contract is unenforceable, including: Lack of Capacity, Coercion, Undue Influence, Misrepresentation and Nondisclosure, Unconscionability, Public Policy, Mistake, and Impossibility.
In this article we will explain default judgments in Illinois. We will answer the questions: “what is a default judgment?” and “what is a prove-up for a default judgment?” We will also explain what it means to vacate a default judgment in Illinois,
In this article we will answer the question “what is ‘consideration’ in a contract?” When discussing contracts and contract law, the term “consideration” is often mentioned. In relation to a contract, consideration refers to what each party will receive as a result of the contract, also known as “bargained-for exchange.”
In this article, we will answer the question, “how old do you need to be to form a contract?” We will explain what happens if minors enter into a contract, situations in which minors are permitted to enter into contracts, and situations in which the legal age to enter a contract is older than the age of majority.
In this article, we will answer the question: “Is a contract valid if only one party signs it?” Written contracts are part of a business’s daily reality, and businesses and contractors alike depend on contracts to successfully operate and run their business. There are many complexities and intricacies of contract law.
In this article, we will answer the question “what is a breach of contract?” and explain when a breach of contract occurs according to Illinois contract law. We will explain when a contract is valid in Illinois and answer the question “can I be held liable for breach of an oral contract?” Finally, we will explain the definition of an “anticipatory breach of contract” as well as a “material breach of contract.”
If you are a small business owner dealing with past due accounts receivable, or if you are having trouble paying your monthly bills and are receiving notices from creditors, you should acquaint yourself with the collection process. This article will provide a summary of that process. The narrative will be from the creditor’s perspective, but it will be equally helpful to debtors.
Bear in mind that each of the following steps tends to increase the pressure on the debtor to settle his debt. Each successive step will only be required if the debtor is non-responsive to the previous steps. In practice, it is usually unnecessary to take a collections case all the way through Step 7.
STEP 1: Internal collections procedures: Before you speak to a collections attorney, you should be sure to refine your own collection procedures. Every business is different, but the following tips may help you increase your collections on your accounts receivable:
If you believe that it will not be possible to collect an account internally, you should hand the account to your attorney to begin a collection suit.