Examlex
What would be the account balance in the Service Revenue account after the following transactions,assuming a zero beginning balance?
Condition Subsequent
A legal term referring to an event or state of affairs that, if it occurs, will terminate a party's rights under a contract.
Repudiation
The rejection or denial of the validity of a contract, claim, or other obligations, implying an intent not to fulfill the terms.
Breach of Contract
The failure, without legal excuse, to perform any promise or obligation stated in a contract, which may entitle the other party to legal remedies such as damages.
Hochster v. De La Tour
A landmark English contract law case establishing that a party may sue for anticipatory breach as soon as the other party unequivocally indicates that they will not perform the contract.
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