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Considering the contract as an exchange of binding promises it can be said that any breach of such promise by the party in fault gives to the innocent party a right to seek for appropriate remedies, unless liability for breach in question expressly excluded. In many cases contract specifically provides for remedies available to the aggrieved party, in all other instances this question to be decided by the court. Extent of available remedial actions depends on the nature of the terms has been breached, on consequences, and effect of it, subject to limiting or excluding provisions, if any.

Termination of Contract
Last updated: 12-Jun-2015

See Repudiation of Contract

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