When can I terminate a contract?
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When can I terminate a contract?
I have a business partnership agreement with an mutual individual for about a year now. However my partner has not been doing what was agreed in the contract. We assigned roles that were supposed to be done by both parties. He has not and cannot prove that he done his part of the work. Also, he has failed to pay his half of the bills for the last two months which was also agreed upon on. What are
my rights when to terminate the contract?
Asked on January 10, 2018 under Business Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
A contract may be terminated when one party (e.g. your partner) violates "material obligations," or important terms, of the contract--not paying his share of bills. When a contract is terminated, the other party (you) is absolved of his/her obligations going forward; you could also sue the other party (your partner) for any provable costs or losses arising out of the breach (for example, for the money for the bills, if the partner should have paid 1/2 but didn't, so you ended up paying the whole amount).
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