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A breach of contract is a failure by one party to fulfill their obligations under the terms of a contract. This can be through actions that violate the terms of the agreement (commission) or by failing to act as required (omission). Breaches can lead to legal consequences and may require compensation for damages incurred by the non-breaching party.
Yes, If your auto finance contract requires you to have insurance on the vehicle and you fail to meet that obligation they can certainly repo the car for violation of your contract terms.
The meaning of obligation of contract is the legal duty of the parties to the contract to live up to the promise they make in contract. Thus mainly emphasis a moral duty on the contractors.
Failing to pay your rent is a violation of civil law (i.e.: a contract) - you cannot be arrested for violation of a contract.
Idea that both parties of a contract must be bound for contract to be enforceable
A tort. (??)
Breach of contract is a failure to perform or follow through with an obligation. A breach of contract can be grounds for a lawsuit against the guilty party.
You have a contractual obligation to fulfill the terms of that contract unless you can exercise an option allowing you to quit ; you have a legal obligation to live by .
The term obligation means an agreement to do something or a sense of duty. For example one could be under obligation of a contract or feel a sense of obligation to look after a friend.
No.
An obligation is something you are bound by duty to do. It could be a legal obligation arising from a contract, in which a person has promised to do a certain thing as a part of the contract. It could be a moral or ethical obligation which could arise as a result of a promise which is not legally binding, or from a relationship. E.g. "You said you'd visit the sick and elderly after church and you have an obligation to follow through." "I feel that, as a friend, I have an obligation to attend her funeral." "It's your obligation to take care of your brother's widow and children."
Commodity future contracts are transferable (can be bought and sold), to realize a profit or loss, but the obligation in the contract remains valid.