A breach of contract occurs when one party fails to fulfill their obligations as outlined in a legally binding agreement. This can happen in various ways, such as not delivering goods on time, failing to make payments, or not performing services as promised. The affected party may seek remedies, which can include monetary compensation or specific performance to enforce the contract. There are different types of breaches, including minor and material breaches. A minor breach involves a small part of the contract, while a material breach significantly impacts the agreement's overall purpose. Understanding these distinctions helps parties navigate their rights and responsibilities under the contract.