Breach of Contract
- A "breech of contract" refers to a failure to abide by or comply with the terms of a legal agreement without a legal excuse.
breaking the agreement, discontinuity
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.