What does "breach of contract" mean?

"Breach of contract" refers to the failure to fulfill the obligations set forth in a binding agreement. When one party does not provide the promised performance, whether it involves delivering goods, providing services, or making payments as per the contract terms, this constitutes a breach. It can be total or partial and can occur for various reasons, such as inability to perform or refusal to do so.

Understanding this aspect of contracts is crucial in identifying legal rights and remedies available to the non-breaching party. This definition highlights the importance of adhering to contractual agreements to avoid legal disputes and potential damages as a result of non-compliance.