What is the term for failing to fulfill contractual obligations?

The term for failing to fulfill contractual obligations is known as a breach of contract. This occurs when one party to the agreement does not perform their duties as stipulated in the contract. Breach can happen in various ways, such as not delivering goods or services as promised, not making payments on time, or failing to complete the work as per the agreed-upon terms.

Understanding what constitutes a breach of contract is crucial in the field of business law, as it gives rise to legal remedies. The injured party may have the right to seek damages, request enforcement of the contract, or in some cases, terminate the agreement entirely depending on the severity of the breach.

The other terms mentioned have distinct meanings. Termination of contract refers to the official ending of a contract either due to mutual agreement or breach. Rescission is a remedy that allows for the cancellation of a contract and the return of parties to their pre-contract positions. Misrepresentation deals with false statements that induce a party to enter into a contract but does not directly imply a failure to fulfill contractual obligations. Overall, understanding these terms helps in navigating the complexities of contract law and the implications of failing to meet contractual duties.