What happens if I breach a contract?

If you breach a contract in New York, you will be responsible for any losses suffered by the other party due to the breach. Depending on the agreement, the other party may be able to sue you for damages. Damages may include the cost of repairs, rent payments, or the difference between what the contract was supposed to provide and what was actually delivered. If the breach is very serious, the other party may be able to terminate the contract and recover any damage they have suffered. In some cases, a breach of contract may be considered a criminal offence, such as when the contract involves large sums of money or fraud. Such offences can result in fines or jail time. If you are the one who has been wronged, you may be able to sue the other party to recover your losses. Depending on the severity of the breach, you may be able to recover damages through a court-ordered settlement or by a jury award. It is important to remember that contracts are legally binding and should be taken seriously. If you are entering into a residential real estate contract, make sure you understand your rights and obligations and take the necessary steps to ensure that the agreement is honoured.

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What happens if I breach a contract?

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