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Legally, one party's failure to fulfill any of its contractual obligations is known as a "breach" of the contract. Depending on the specifics, a breach can occur when a party fails to perform on time, does not perform in accordance with the terms of the agreement, or does not perform at all.
A breach of contract is a failure, without legal excuse, to perform any promise that forms all or part of the contract. This includes failure to perform in a manner that meets the standards of the industry or the requirements of anyexpress warranty or implied warranty, including the implied warranty of merchantability.
A breach can be of a verbal, written (express) or an 'implied' term of a contract. A breach can occur: If a party refuses to perform the duties set out in the contract. If the work carried out is defective.
Remedies for Breach of Contract1 Recession of Contract. When one of the parties to a contract does not fulfil his obligations, then the other party can rescind the contract and refuse the performance of his obligations.2 Sue for Damages.3 Sue for Specific Performance.4 Injunction.5 Quantum Meruit.
Damages. The payment of damages payment in one form or another is the most common remedy for a breach of contract. There are many kinds of damages, including the following: Compensatory damages aim to put the non-breaching party in the position that they would have been in if the breach had not occurred.