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
discontinuity, breaking the agreement

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.