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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Breach of Contract


Synonyms:breaking the agreement, discontinuity
Acronyms &
abbreviations:
BOC
Filed Under: legal-contracts
Tags: contract, legal
 

Definition of breach of contract (BOC)

breach of contract (BOC)
1. A "breech of contract" refers to a failure to abide by or comply with the terms of a legal agreement without a legal excuse.

Related Terms and Acronyms:

  • anticipatory breach   A notification that one party to a contract plans to renege, releasing the other party from having to fulfill its end of the agreement.
  • breach of covenant   Violation of a promise made in a contract or property deed.
  • breach of warranty   A determination that a seller cannot pass clear title of property to a buyer.
  • call option   A clause in a mortgage that gives the lender the right to request the balance at any time.
  • contract   An agreement between two or more parties that can be enforced by law.
  • forfeiture   Loss of property because of violation of law or contract.
  • indefeasible   That which cannot be forfeited or done away with. Indemnity Protection or exemption from loss or damage.
  • modification   A change in terms of the loan agreement.
  • voidable   Where one party to a contract is entitled to rescind the contract at his/her option.

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