18:19
that's at least $300
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LSDefine
Simple English definitions for legal terms
right of termination
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A quick definition of right of termination:
Right of Termination: When two parties enter into a contract, they agree to certain duties and responsibilities. If one party fails to fulfill their duties, the other party has the right to end the contract. This is called the right of termination. It is different from the right to rescind, which is when a party breaches a duty that is not related to the contract.
A more thorough explanation:
Definition: The right of termination is a legal remedy that allows a party to end a contractual relationship when the other party breaches a duty that arises under the contract. This is different from the right to rescind, which allows a party to end the contract when the other party breaches a duty that arises independently of the contract.
Example: If a company hires a contractor to build a new office building, and the contractor fails to complete the project on time, the company may have the right to terminate the contract. This would allow the company to hire a new contractor to finish the project.
Explanation: In this example, the contractor breached their duty to complete the project on time, which was a duty that arose under the contract. The company may exercise their right of termination to end the contract and find a new contractor to complete the project.