_____ can be defined as failure of one of the parties to live up to the terms and conditions of the contract.

Question

Quizplus · Accepted Answer

Cancellation for default refers to the situation where one party fails to fulfill their obligations under a contract, leading to the other party canceling the contract. Cancellation for convenience of the seller or purchaser typically refer to situations where one party wishes to terminate the contract for personal reasons, rather than due to a breach of contract. Cancellation by mutual assent means both parties agree to terminate the contract. Therefore, the best answer is A.

_____ Can Be Defined as Failure of One of the Parties