Breach of Contract Cancellation

Contract Cancellation Due to a Breach of Contract

PROC 5810 - QC F2 2011 Acquisitions Law

Professor Michael Pitou

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Table of Contents

Abstract…………….……………………………………………………………….1

Definition of a Contract …..….................................................................................1

Contract Formation……….………………………...................................................2

Advantages of a Contract ..………………………………........................................3

Breach of Contract ……………………....................................................................4

Cancellation in Legal Terms ………….....................................................................6

Three-Day Right of Rescission ……….… ...............................................................8

Oral vs. Written Contracts ………….………...........................................................8

Filing a Breach of Contract Lawsuit ..……………………………………………..9

Remedies for Breach of Contract ..………………………………………………..10

Conclusion ……………………………………………….………………………..12

References ………………………………………………………………………...13

Burroughs Page 1

Abstract

There are many ways to terminate the obligations of a contract. Most often, parties conclude their contract obligations by performing the duties stated therein. However, sometimes problems arise and parties cannot or will not fulfill their commitment under the contract. When this occurs, contracts may be terminated by reasons of rescission, breach, or impossibility of performance, (Bennett, 2007). The purpose of this paper is to discuss contract cancellations due to a breach of contract.

Definition of a Contract

A contract is a legally enforceable agreement between two or more parties which creates a duty for each party to do something (e.g., to provide goods at a certain price...