In majority of cases innocent party may and will accept the repudiation and terminate contract. Termination of contract in case of breach generally means that primary obligations of both sides have come to the end and the innocent party or, in some cases, both parties are excused from further performance.
Dahl v Nelson, Donkin & Co (1881) 6 App Cas 38 per Lord Blackburn:
It is quite true that a question of "reasonable and unreasonable" must always be a question of more or less, and therefore of uncertainty, but that I think cannot be helped. I do not pretend to lay down any precise rule as to what is reasonable what is not. I think the main elements to be considered are, what would be the effect on the object of the contract; and the damage to each party caused by the delay; and if the result be lead those who have to decide the question to think (to adopt the language of the Master of Rolls) that it is absurd to suppose that two commercial men entering into a contract to charter a steamer to go to a dock, or as near thereto as she may safely get, should mean that she was wait outside so long, they ought to find it unreasonable.