Delaware Clauses Relating to Defaults, Default Remedies
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FAQ
Under Delaware law, a breach of contract claim comprises three elements: (1) the existence of a contract; (2) a breach of an obligation imposed by that contract, and (3) resulting damages.
Delaware's civil statute of limitations laws provides a two-year time limit for most cases including personal injury, libel, and fraud. Statutes of limitations on civil cases are intended to create general fairness and reliability when filing lawsuits.
(1) An action for breach of any contract for sale must be commenced within 4 years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitations to not less than one year but may not extend it.
Under Delaware law, a breach of contract claim comprises three elements: (1) the existence of a contract; (2) a breach of an obligation imposed by that contract, and (3) resulting damages.
(1) An action for breach of any contract for sale must be commenced within 4 years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitations to not less than one year but may not extend it.
Under Delaware law, "[direct] damages are defined as those as the law itself implies or presumes to have accrued from the wrong complained of, for the reason that they are its immediate, direct, and proximate result, or such as necessarily result from the injury." Pharmaceutical Product Development, Inc. v.
Delaware law provides for a default three-year statute of limitations period for breaches of contract, generally applicable to claims for breaches of representation and warranties and related claims for indemnification concerning stock purchase agreements or assets sales.