Contract Termination
/ˈkɒntrækt tɜːrmɪˈneɪʃən/
Definitions
- (n.) The legally recognized ending of a contract by mutual agreement, fulfillment, breach, or operation of law, releasing parties from further obligations.
The contract termination was effected after both parties agreed to settle their disputes outside court.
- (n.) An act or process by which one party unilaterally ends the contract due to breach or other lawful reasons before the contractual term expires.
Contract termination occurred when the supplier failed to deliver the goods on time, breaching the agreement.
Related terms
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Commentary
Contract termination may be voluntary, mutual, or involuntary; precise effects depend on governing law and contract terms.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.