Failure of a party to perform an obligation in a sales or lease contract is known as ________.

Name: Failure of a party to perform an obligation in a sales or lease contract is known as ________.
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A breach occurs when one party fails to perform an obligation in a sales or lease contract. Revocation refers to the act of canceling or taking back an offer, capture is not applicable to this context, and replevin refers to a legal action to recover possession of personal property.

Failure of a Party to Perform an Obligation in a Sales