Break Contract Definition
A break contract is defined as a situation in which one party to a contract breach their obligations under the agreement. This can occur for a number of reasons, including but not limited to:
-One party fails to perform their obligations as outlined in the contract
-One party is unable to meet their financial obligations under the contract
-One party violates the terms of the contract
-The contract expires or is terminated early
In most cases, a breach of contract will result in legal penalties for the breaching party. These can include damages, which are designed to compensate the non-breaching party for any losses incurred as a result of the breach. In some cases, the court may also order specific performance, which requires the breaching party to fulfill their obligations under the contract.
