Real Estate Glossary

What is Breach of Contract?

A Breach of Contract is a failure to fulfill the terms of a contract or an agreement. This can include failure to make payment, failure to deliver goods or services, or failure to perform any other obligations outlined in the contract. A breach of contract can lead to legal action, and may result in damages, penalties, or termination of the contract. The party who breaches the contract can be held liable to the other party for the damages caused by the breach.