Breach of Contract

Definition

  • A "breech of contract" refers to a failure to abide by or comply with the terms of a legal agreement without a legal excuse.

Synonyms
breaking the agreement, discontinuity

Acronyms
BOC

Related Terms and Acronyms

  • Anticipatory Breach Definition,
    • A notification that one party to a contract plans to renege, releasing the other party from having to fulfill its end of the agreement.
  • Breach of Covenant Definition,
    • Violation of a promise made in a contract or property deed.
  • Breach of Warranty Definition,
    • A determination that a seller cannot pass clear title of property to a buyer.
  • Call Option Definition,
    • A clause in a mortgage that gives the lender the right to request the balance at any time.
  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Forfeiture Definition,
    • Loss of property because of violation of law or contract.
  • Indefeasible Definition,
    • That which cannot be forfeited or done away with. Indemnity Protection or exemption from loss or damage.
  • Modification Definition,
    • A change in terms of the loan agreement.
  • Voidable Definition,
    • Where one party to a contract is entitled to rescind the contract at his/her option.
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