Repudiate Agreement Meaning

As a general rule, a party has the choice between two remedies: either it can choose to ignore the refusal and keep the contract informed and thus impose the specific performance of the obligations of the defaulting party, or it can accept the termination, terminate the contract and assert the damage it may have suffered as a result of the refusal. If you think that the other party has rejected the contract, you have the choice between: The refusal test is objective, which means that the rejection is considered from the point of view of the innocent party: if the reasonable person in the position of the innocent party had concluded that the other person did not intend their part of the agreement, rejection is shown. The intention of the failing party therefore does not matter. It also means that the conclusion must be clear – the behavior of the failing party cannot correspond to other possible scenarios. It also means that, when the refusal is cured before the innocent party takes steps to assert his rights (which are discussed more below), the violation or refusal disappears and the innocent party does not have the right to take steps to assert his rights. There is a refusal if the borrower refuses to comply with this contract and to stop the agreed payments….