The contract term must be a promise rather than a precondition to the contract. Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other partys performance. Depending on the type of covenant involved, there can be two types of breaches:, if the debtor performs actions he/she is prohibited from performing. If the foregoing actions fully cure the breach, Sellers shall have no obligation under Section 12.2 or otherwise to indemnify Buyer with respect to the Losses caused by such breach if such actions partially cure the breach, Sellers shall continue to have an obligation under Section 12.2 to indemnify Buyer with respect to the remaining portion of the Losses caused by such breach. A breach of contract occurs when one party fails or refuses without lawful excuse, to perform his obligations under the contract in accordance with its terms. However, your contract may require the hirer to provide you with a notice to remedy a breach before it can be terminated. A breach of covenant occurs when the issuer of a violates a covenant, which is one of the terms and conditions the debtor committed to as part of the lending agreement. Cure of Breach. Notwithstanding any other provision of this Agreement to the contrary, a breach by Sellers of any representations and warranties or a failure to perform any covenant or agreement hereunder may be cured by Sellers prior to the Transfer Date (a) by reducing the Purchase Price in an amount equal to the Losses to Buyer caused by such breach, (b) by making payment to a third party or taking other action to discharge the Losses, (c) by placing an amount equal to the Losses in an escrow account under an escrow arrangement reasonably satisfactory to Sellers and Buyer or (d) a combination of the foregoing.
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