Contract Compensation For Breach In Florida
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When calculating compensation for breach of contract, courts follow a fundamental principle to seek to put the innocent party in the same financial position he/she/they would have been in had the contract been properly performed.
In a breach of contract case, damages typically cannot exceed four times the actual losses. However, the exact amount depends on the specifics of your case. Consult with a lawyer to determine the potential damages you may recover.
Compensatory damages in contract law cover the direct losses and costs incurred by the injured party due to a breach of contract. These damages aim to restore the injured party to the position they would have been in if the breach had not occurred.
Breach of contract actions generally require proof of the same elements regardless of the type of contract. Under Florida law, a plaintiff must establish: (1) the existence of a valid contract, (2) “material” breach of an obligation under the contract by the other party and (3) damages resulting from the breach.
Include references to the terms that were breached, quoting relevant sections of the contract, and detail how the other party was in breach of said term(s). List the responsibilities and obligations you deem to be unmet, and explain how the other party is in breach of them.
These damages are designed to compensate the non-breaching party for the financial losses they incurred due to the breach. The calculation typically involves determining the difference between the value of what was promised in the contract and what was actually received.
Generally speaking, breach of contract claims must be brought within 6 years from the date of the breach.
In Florida, a plaintiff has five years to assert a claim for breach of a written contract. Fla. Stat. § 95.11 (providing a five-year statute of limitations for written contracts).
In fact, there are four or five main legal remedies available in Florida construction law for breach of contract issues: damages, repudiation, specific performance, reformation and rescission.
