BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Repudiation occurs when one party refuses to honor a contract with another party. Often the party doing the repudiation cannot perform its obligations outlined in the contract due to financial difficulties. A breach of contract may be settled in the courts.

Detailed explanation-2: -Any kind of contract may be considered broken ("breached") once one party unconditionally refuses to perform under the contract as promised, regardless of when performance is supposed to take place. This unconditional refusal is known as a “repudiation” of a contract.

Detailed explanation-3: -Repudiation. If the other party breaches a condition of the contract, you may be able to ‘repudiate’ the contract to terminate it and claim damages for your loss-or to ‘affirm’ the contract and claim damages. When the breach of contract is the breach of a warranty in the contract, the restitution is by damages alone.

Detailed explanation-4: -There are several remedies for breach of contract, such as award of damages, specific performance, rescission, andrestitution. In courts of limited jurisdiction, the main remedy is an award of damages.

Detailed explanation-5: -Repudiation, then, in the sense of a refusal by one of the parties to a contract to parform his obligations thereunder, does not of itself abrogate the contract. The contract is not rescinded.