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Questions and Answers
Questions and Answers
What constitutes a breach of contract?
What constitutes a breach of contract?
A breach of contract occurs when one party fails or refuses to perform their obligation as outlined in the agreement.
How does the concept of mitigation relate to breach of contract?
How does the concept of mitigation relate to breach of contract?
Mitigation requires the innocent party to take reasonable steps to minimize their losses resulting from a breach.
What is the difference between primary and secondary obligations in the context of breach?
What is the difference between primary and secondary obligations in the context of breach?
Primary obligations refer to the main duties specified in the contract, while secondary obligations involve potential remedies or damages that arise from breach of the primary obligations.
What is an anticipatory breach, and how does it affect the contract?
What is an anticipatory breach, and how does it affect the contract?
Why do some terms in a contract carry different levels of importance regarding breach?
Why do some terms in a contract carry different levels of importance regarding breach?
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Flashcards
Flashcards
Breach of Contract
Breach of Contract
When one party fails to fulfill their agreed-upon obligations in a contract, without a valid excuse.
Representation
Representation
Statements made during negotiations that are not intended to be legally binding. They might influence a decision to enter a contract, but are not considered terms.
Mitigation of Damages
Mitigation of Damages
Actions done by the injured party to minimize their losses after a breach. This is a legal duty.
Repudiatory Breach
Repudiatory Breach
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Anticipatory Breach
Anticipatory Breach
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Study Notes
Study Notes
Breach of Contract
- Contract terms define obligations. A broken term constitutes a breach.
- Not all statements before a contract are terms; some are representations.
- Terms have varying importance and consequences for the non-breaching party.
- Breach affects the contract's future (prospective).
- A breach does not automatically terminate the contract.
- Distinction exists between primary and secondary obligations related to a breach.
- Mitigation: Parties suffering loss must take steps to reduce damages.
- Breach occurs when a party fails to perform an obligation without lawful excuse.
- Breach allows a claim for damages, but unless repudiatory, the contract remains valid (non-breaching party has options).
- Anticipatory breach acknowledges a future breach.
- Terms can be categorized or classified based on importance.
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