What is a breach of contract?

A breach of contract is when one or both parties involved in a contract fail to hold up their end of the agreement. This could mean a party fails to deliver a product or service, or a party fails to pay for a product or service within the agreed upon timeframe. It could even be that one or both parties fail to provide a promise, assurance, or representation about a product or service. A breach of contract can be either a material breach, or a minor breach. A material breach is defined as a party’s failure to substantially adhere to the terms of the contract, and results in legally recognized damages. A minor breach is any breach that is not a material breach. In Mississippi, when a breach of contract is found, then the party who failed to fulfill their end of the agreement must give the other party damages to compensate them for losses caused by the breach. Damages usually comprise of monetary compensation, but can also include non-monetary remedies such as injunctions and specific performance.

Related FAQs

What is acceptance of a contract?
What is a creditors’ rights clause?
What is a contract of adhesion?
What is an exculpatory clause?
What is the law of privity?
What are the legal remedies for a breach of contract?
What is the standard of care in a contract?
What is the effect of illegality in a contract?
What is the common law of contracts?
What is a mutatis mutandis clause?

What is a breach of contract?

Related FAQs

Related Blog Posts