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The word term was formerly restricted to a provision relating to time: that is, a dies or time clause. The word, however, is now in general use as referring to any term of performance. There is a distinction, then, between South African and English law, where terms and conditions are synonymous, and where they are used interchangeably.
In the United States, Section 2-718(1) of the Uniform Commercial Code provides that, in contracts for the sale of goods: [14] Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and ...
Breach of a condition of a contract is known as a repudiatory breach. Again, a repudiatory breach entitles the innocent party at common law to (1) terminate the contract, and (2) claim damages. No other type of breach except a repudiatory breach is sufficiently serious to permit the innocent party to terminate the contract for breach.
A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong.
In some common law nations, a recognizance is a conditional pledge of money undertaken by a person before a court which, if the person defaults, the person or their sureties will forfeit that sum. It is an obligation of record, entered into before a court or magistrate duly authorized, whereby the party bound acknowledges (recognizes) that they ...
Anticipatory repudiation or anticipatory breach is a concept in the law of contracts which describes words or conduct by a contracting party that evinces an intention not to perform or not to be bound by provisions of the agreement that require performance in the future.
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