A breach of contract is a party's failure to fulfill his obligations, or his end of a bargain, that are created by forming a contract. This can happen when a party fails to perform on time, does not perform according to the terms of the contract, or does not perform at all. A party's failure to fulfill an end of the bargain under a contract is known as a "breach" of the contract. A breach can occur when a party fails to perform on time, does not perform in accordance with the terms of the agreement, or does not perform at all. Accordingly, a breach of contract will usually be categorized as either "material" or "immaterial" for purposes of determining the appropriate legal solution or "remedy" for the breach.
For example there may be a breach of contract where Party A contracts with Company B for the purchase of some of its products, for delivery by the following evening. If Company B delivers the products to Party A a day late, such a breach of the contract would likely be deemed immaterial, and Party A would likely not be entitled to money damages (unless he could show that he was somehow damaged by the late delivery). However, assume now that the contract stated clearly and explicitly that "time is of the essence" and the products MUST be delivered by the following evening. If Company B delivers after the following evening, there is a breach of contract that would be deemed "material," and Party A's damages would be presumed, making Company B's liability for the breach more severe, and likely relieving Party A of the duty to pay for the products under the contract.
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