48. Which of the following best describes a breach of contract? A termination of the contract...

48. Which of the following best describes a breach of contract?

A termination of the contract by the mutual consent of the parties

Partially fulfilling the requirements of the contract

The failure of a party to perform according to the terms of the contract

A contract whose purpose is illegal.

Solutions

Expert Solution

A breach of contract is the failure on the part of any party of the contract to deliver the promised result or action as per the terms and conditions of the contract agreement or deed.

For example: If there has been a contract between two tech giants that one will buy 2000 bionic chips from the other on a particular date as mentioned in the contract for a predetermined amount, and later on the date on which the chips were to be purchased, the former backs out and refuses to buy the bionic chips, then it amounts to the beach of the contract because former one didn't perform according to the terms and conditions of the contract.

Hence, the failure of a party to perform according to the terms of the contract best describes the breach of contract.

Therefore, third option is correct.

Rahul Sunny answered 1 year ago

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