Walgreens has filed a suit against Theranos, a creator of technologies used for drawing and testing blood samples. They are accusing Theranos of breach of contract, though the details of the case are still unclear as both companies signed a confidentiality agreement.
Theranos has suffered while trying to gain back public credibility after supplying failing equipment to other customers, and it is likely that the breach of contract claim is related to that. Though most breach of contract claims are not for hundreds of millions of dollars, there are many other smaller claims being brought every day.
What Is a Breach of Contract?
A breach of contract is when one party to a contract fails to fulfill their promise. This can be a failure to pay for services or complete services, or failure to preform a specific duty. Breach of contract claims can arise not only in business but also in personal affairs as well.
Some examples of common contracts:
- Sales Agreements
- Credit Card Contracts
- Prenuptial Agreements
- Employment Contracts
- Labor Contracts
- Real Estate Contracts
- Student Loans
As most of us find ourselves as party to a contract at some point in our lives, it is inevitable that some will experience a breach of contract, or need to breach a contract. It is important to understand the remedies available when one party does not, or cannot, hold up their end of the bargain.
Remedies for Breach of Contract
Many breach of contract cases are able to be resolved outside of the courtroom. This can happen through mediation or informal discussion between attorneys. If the case does go to court, judges have a lot of flexibility in determining the damages that will be awarded to the non-breaching party to the contract.
It is important to have an attorney who understands how damages are calculated. They will be able to ensure that damages are assessed in the most beneficial way for their client.
If you or a loved one reside in Oklahoma, and are experiencing breach of contract, you should immediately contact Rick Dane Moore and Associates Law Firm at (405) 366-0373. Our attorney’s are available for a consultation to help evaluate your case and determine the best course of action going forward.