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Repudiation: Difference between revisions
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Amwelladmin (talk | contribs) m (Amwelladmin moved page Repudiate to Repudiation) |
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{{g}}To repudiate a [[contract]] is to indicate an inability or unwillingness to perform it in such a way as to deprive the aggrieved party of substantially the whole benefit of the bargain represented by the contract. | {{g}}To [[repudiate]] a [[contract]] is to indicate an inability or unwillingness to perform it in such a way as to deprive the aggrieved party of substantially the whole benefit of the bargain represented by the contract. | ||
A “[[Repudiatory breach|repudiatory]]” or “[[Fundamental breach|fundamental]]” [[breach of contract]] is a one which is sufficiently serious to indicate a party has repudiated the {{tag|contract}}, thereby entitling the innocent party to [[terminate]] the {{tag|contract}}. | A “[[Repudiatory breach|repudiatory]]” or “[[Fundamental breach|fundamental]]” [[breach of contract]] is a one which is sufficiently serious to indicate a party has repudiated the {{tag|contract}}, thereby entitling the innocent party to [[terminate]] the {{tag|contract}}. | ||
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===In the [[Master trading agreement|Master Trading Agreements]]=== | ===In the [[Master trading agreement|Master Trading Agreements]]=== | ||
Both the {{2002ma}} and the {{gmsla}} have a repudiation as a specific {{isdaprov|Event of Default}}<ref>{{gmslaprov|Repudiation}} under the {{gmsla}} and {{isdaprov|Repudiation of Agreement}} under the {{2002ma}}.</ref>, though it doesn’t really need to be — if the other guy has indicated he doesn’t regard the {{t|contract}} as being binding on him, you can | Both the {{2002ma}} and the {{gmsla}} have a repudiation as a specific {{isdaprov|Event of Default}}<ref>{{gmslaprov|Repudiation}} under the {{gmsla}} and {{isdaprov|Repudiation of Agreement}} under the {{2002ma}}.</ref>, though it doesn’t really need to be — if the other guy has indicated he doesn’t regard the {{t|contract}} as being binding on him, you can terminate and sue for [[damages]], and those damages are hardly likely to be lower (or, really, different) than you would get under the [[close-out]] procedure prescribed in the {{t|contract}}. But anyway, a some what arid debate all told; people don’t really argue about repudiation. | ||
{{sa}} | {{sa}} | ||