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LSDefine
Simple English definitions for legal terms
Repudiation
Read a random definition: prepayment penalty
A quick definition of Repudiation:
Repudiation: When someone says they won't do something they promised to do, it's called repudiation. This is similar to anticipatory breach, which means someone says they won't do something in the future that they promised to do.
A more thorough explanation:
Definition: Repudiation is when one party to a contract refuses to fulfill their obligations under the contract before the time for performance arrives. This is also known as an anticipatory breach.
Example: Imagine that you hire a contractor to build a new deck on your house. The contract specifies that the deck will be completed by June 1st. However, on May 15th, the contractor tells you that they will not be able to complete the deck by the agreed-upon date. This is an example of repudiation because the contractor is refusing to fulfill their obligation under the contract before the time for performance arrives.
Another example of repudiation could be if you agree to sell your car to someone for $10,000, and they later tell you that they will not be able to pay you the full amount. This would be a breach of contract because they are not fulfilling their obligation to pay you the agreed-upon amount.
These examples illustrate how repudiation can occur when one party to a contract fails to fulfill their obligations before the time for performance arrives. This can be a serious issue because it can lead to disputes and legal action between the parties involved.