Illinois Commercial Litigation FAQs: Part 1

 Posted on February 16, 2016 in Commercial Litigation

You did not get into business hoping to be dragged into court. However, sometimes the only way to protect your business is through a lawsuit. Commercial litigation is intimidating and mysterious to many business owners. If someone is threatening to file a lawsuit against you, or if you believe you may need to file a lawsuit to protect your investment or business, you need to understand your rights and how the litigation process works. Below are several common questions businesses have about commercial litigation.

What Are Some Common Types of Commercial Disputes?

Commercial litigation covers almost every type of legal problem a business can run into. Some of the most common types of commercial disputes include:

• Breach of contract
• Problems with government agencies
• Employment disputes
• Fraud
• Interference with a business relationship
• Breach of a fiduciary duty
• Securities lawsuits
• Debtor/Creditor disputes
• Shareholder disputes
• Mechanic's liens
• Broker's liens
• Real estate disputes
• Construction disputes

What Damages are Available for a Breach of Contract?

Under Illinois law, there are several different remedies available for when there has been a breach of contract. The type of damages available will depend on the specific facts of a case. Before you know exactly what damages are available, you will need to consult with a commercial litigation attorney. The types of damages and remedies available for a breach of contract include:

• Compensatory damages
• Consequential damages
• Specific performance
• Liquidated damages
• Rescission
• Reformation

More commercial litigation frequently asked questions (FAQs) will follow in part two of this mini-series. If you have a commercial litigation issue, you need to speak with an experienced attorney right away. Call Lindell & Tessitore, P.C. at 630-778-3818 today to schedule an appointment with a Naperville commercial litigation lawyer. Take action today to protect your business. Sources: http://www.illinoiscourts.gov/circuitcourt/civiljuryinstructions/700.00.pdf http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2017&ChapterID=56&SeqStart=99900000&SeqEnd=103300000