Whenever you go to court to seek relief based upon an alleged breach of contract, there are several keys to success. There is establishing liability. There is also establishing your damages. Both are essential parts of a positive outcome. Experienced Florida contract litigation attorneys can help with regard to crafting a winning case on both of these vital components.
The latter of these two was a major problem in one recent breach of contract case from the Second District Court of Appeal. The case involved two LLCs with very similar names that had entered into a contract to engage in a business venture. One LLC was responsible for finding “distressed mortgages that holders were typically willing to sell for less than face value.” The other LLC provided the capital to finance the purchase of the mortgages, and the first LLC serviced the loans for the second LLC. The parties executed the deal in 2003.
Then, the housing collapse happened, and the LLC responsible for finding the properties and servicing the loans fell deeply into debt. The parties worked out an oral agreement in which the servicing entity would not service any more loans and would transfer all of its existing files to its contract partner.