When two parties execute a contract, they are legally bound to abide by the terms of the agreement. If one party breaches the contract, it can cause considerable problems for the other party. Following a breach of contract, the non-breaching party can choose from several legal remedies. In this article, we discuss...
Category: Breach of Contract
Client alleging accountant malpractice must show that there was a departure from the accepted standards of practice
In response to a client's allegations of malpractice, the Court--in Dean v. Brodman, 2021 NY Slip Op. 01842--held that the accounting firm was able to show that it followed accepted standards of practice when it prepared the client's tax information. The Court stated that an accountant may rely...
Liquidated (specific amount of) damages for breach of exclusivity clause . . . upheld
In Raven Capital Mgt. LLC v. Georgia Film Fund 72, LLC, 2021 NY Slip Op. 30393(U) [Case Index # 652463/2020], the court upheld the liquidated damages clause (termination fee) in the parties' contract (which was a Term Sheet that required only that the business intermediary and the potential buyer...