What is meant by "breach of contract"?

A "breach of contract" refers specifically to a failure to perform any term of the contract without a legitimate legal excuse. When one party in a contract does not fulfill their obligations as stipulated in the agreement, this constitutes a breach. This could be a complete failure to perform, a partial performance that is inadequate, or a delay in performance that is unjustified.

Understanding this concept is crucial in contract management, as breaches can lead to legal disputes and the potential for remedies, such as damages or specific performance. It highlights the importance of adhering to the agreed-upon terms and conditions in any contractual relationship. Recognizing a breach is essential for evaluating rights and responsibilities under the contract, enabling both parties to seek resolution or remedial action when necessary.