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What is breach of contract?

To answer that, we first have to agree what a contract is. Generally speaking, a contract is the mutual exchange of promises between two or more parties. The notion is I will do these things for you if you do these things for me. Now, that means we both have performance obligations. And understand, one party’s performance obligations could be simply to pay money for the services provided by the other party. But, a breach occurs when one party to the contract doesn’t do what it promised to do. That’s where you have a breach of contract.

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