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breach of contract

breach of contract  

An actual failure by a party to a contract to perform his obligations under that contract or an indication of his intention not to do so.
conditions precedent

conditions precedent   Reference library

The Handbook of International Financial Terms

Reference type:
Subject Reference
Current Version:
2005

The contractual actions required to be complied with by a party to a transaction before it can be implemented (e.g.

innominate terms

innominate terms  

A contract term that is neither a condition nor a warranty. Whether a breach of that term gives rise to a right to terminate the contract depends on the seriousness of the breach.[...]

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