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Breach of contract

From Academic Kids

Breach of contract is a legal concept in which a binding agreement or bargained-for exchange is not honored by one of the parties to the contract by non-performance or interference with the other party's performance.

A breach may be a minor one (also called a partial breach or an immaterial breach), in which case the non-breaching party will not be entitled to an order for performance of its obligations, but only to damages.

A repudiatory breach, sometimes known as a 'fundamental breach', is a breach so fundamental that it permits the aggrieved party to terminate performance of the contract, in addition to entitling that party to sue for damages.

An anticipatory breach is an unequivocal indication that the party will not perform when performance is due, or a situation in which future non-performance is inevitable. An anticipatory breach gives the non-breaching party the option to treat such a breach as immediate, and, if repudiatory, to terminate the contract and sue for damages (without waiting for the breach to actually take place).

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