BUSINESS LAW

Breach of Contracts



Breach of Contracts

Introduction

The breach of contract is defined as the contracting party's 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 affected 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 contract's proper performance (such as interfering with the other party's performance). Breach of a major term (condition) of the contract (called 'fundamental breach') entitles the aggrieved party to (1) treat the contract as ...