Contracts are an essential part of the foundation of our society, whether we like it or not. No matter who you are, we all enter into contracts and we all depend on the ability to uphold our contracts. If you are an individual and have purchased tickets for a movie or concert, you have had a contract with the theater. If you are a small business restaurant owner, you likely have contracts with food suppliers. If you are a corporation, you might have a sophisticated licensing deal for your intellectual property. Regardless of the size and sophistication, a contract is simply an agreement between two (or more) parties. Each party agrees to perform and carry out the terms and conditions stated in the contract. These agreements are made enforceable through the law. A breach of contract occurs when one party fails to fulfill any designated obligations under the contract. Such a breach can occur, depending on the specifics of the contract, when a party fails to perform on time, does not perform in accordance with the terms of the agreement, or does not perform at all. If this happens, then the non-breaching party may file a lawsuit and seek legal relief.