Breach of Contract A breach of contract occurs when one party fails or refuses without lawful excuse, to perform his obligations under the contract in accordance with its terms. The contract term must be a promise rather than a precondition to the contract. Where the contract provides that a particular state of affairs must exist before obligations arise, such for […]
Rescission /Termination and Damages The termination of a contract in this context refers to one party being discharged from his obligations to perform, due to the other party’s failure to perform or his defective performance. The contract is not ended as such. In effect, the innocent party accepts the breach and relies on his secondary rights to damages in lieu […]
Rescission /Termination and Damages The termination of a contract in this context refers to one party being discharged from his obligations to perform, due to the other party’s failure to perform or his defective performance. The contract is not ended as such. In effect, the innocent party accepts the breach and relies on his secondary rights to damages in lieu […]
Rescission /Termination and Damages The termination of a contract in this context refers to one party being discharged from his obligations to perform, due to the other party’s failure to perform or his defective performance. The contract is not ended as such. In effect, the innocent party accepts the breach and relies on his secondary rights to damages in lieu […]
Innocent Party has Options A repudiatory or fundamental breach does not automatically terminate the contract. It gives the innocent party, the option to terminate or affirm the contract. If he affirms the contract, he may insist on the other party’s performance. The same principles apply to a repudiatory anticipatory breach, where the breach occurs before performance is due. There are […]