Breach of contract,
Definition of Breach of contract:
An act of breaking the terms set out in a contract.
Contracting partys actual failure or refusal to perform (or a clear indication of its intentions to not perform) its obligations under the contract. A breach could be effected by (1) repudiation of obligations before the beginning of the contract, (2) repudiation of obligations before its completion, or (3) a conduct that prevents the contracts proper performance (such as interfering with the other partys performance). Breach of a major term (condition) of the contract (called fundamental breach) entitles the aggrieved party to (1) treat the contract as discharged, (2) consider itself free from its own obligations under the contract, and (3) sue the offending party for damages arising from the breach. Breach of a minor term (warranty) allows for suing for damages arising from the breach, but does not allow any party to treat the contract as discharged except where terms of the contract override this implied legal-provision. In contrast to rescission of contract, a breach of contract does not operate retrospectively.
A contract is binding and will hold weight if taken to court. To successfully claim a breach of contract, it is imperative to be able to prove that the breach occurred.
A breach of contract is a violation of any of the agreed-upon terms and conditions of a binding contract. The breach could be anything from a late payment to a more serious violation such as the failure to deliver a promised asset.
How to use Breach of contract in a sentence?
- The parties involved in a breach of contract may resolve the issue among themselves, or in a court of law.
- There are different types of contract breaches, including a minor or material breach and an actual or anticipatory breach.
- The management company sued the singer for a breach of contract after quitting the boy band because he was originally contracted to make five albums.
- A breach of contract occurs when one party in a binding agreement fails to deliver according to the terms of the agreement.
- A breach of contract can happen in both a written and an oral contract.
- The business had to hire an attorney to represent them when one of their customers filed a suite for breach of contract , stating that they had not met the commitments written in a signed agreement.
- Im going to raise this as a breach of contract.
- The breach of contract had expected consequences that were plainly laid out so that any reasonable person could understand what was going to happen.
Meaning of Breach of contract & Breach of contract Definition