MANAGEMENT

Detailed explanation-1: -A breach of contract is a violation of any of the agreed-upon terms and conditions of a binding contract. The breach could be anything from a late payment to a more serious violation, such as the failure to deliver a promised asset. A contract is binding and will hold weight if taken to court.

Detailed explanation-2: -A breach of contract occurs whenever a party who entered a contract fails to perform their promised obligations. Due to the frequency of breaches of contract, a robust body of law has grown to resolve the ensuing disputes.

Detailed explanation-3: -Generally speaking, there are four types of contract breaches: anticipatory, actual, minor and material.

Detailed explanation-4: -A breach is a failure by a party to fulfil the obligations under a contract. It is of two types, namely, anticipatory breach and actual breach.