What does "breach of contract" signify?

"Breach of contract" signifies the failure to perform any term of a contract without a legitimate legal excuse. This legal concept arises when one party to the contract does not fulfill their obligations as specified, which could include failing to deliver goods, not making payments, or not providing services that were agreed upon. Such a breach can lead to various legal consequences, including the possibility of the non-breaching party pursuing damages or enforcing the terms of the contract.

In contrast, the other options highlight different contractual situations that do not pertain to a breach. Successfully completing a contractual obligation signifies adherence to the contract rather than a failure. A mutual agreement to terminate a contract indicates that both parties have agreed to end the contract rather than one party failing to fulfill its terms. Negotiating new terms suggests a modification of the existing contract, which involves agreement and does not reflect a breach. Therefore, only the definition of breach of contract accurately captures the essence of failing to perform contractual obligations without just cause.