How does the breach of contract take place Explain by citing an-01139
This subjective question is related to the book/course
vu eco402 Microeconomics.
It can also be found in
vu eco402 Mid Term Solved Past Paper No. 1.
Question 1: How does the breach of contract take place. Explain by citing an example.
Answer:
"A breach of contract occurs when a party thereto renounces his liability under it, or by his own act makes it impossible that he should perform his obligations under it or totally or partially fails to perform such obligations."
Illustration 1
Mr. Z (seller) enters into a contract with Mr. Y a purchaser for sale of specified goods as per stipulations of contract. Mr. Z breaks his promise; Mr. Y is entitled to receive from Mr. Z a particular amount as compensation.
