Cancelation of contract

Cancelation of contract – in the Law of Contracts, this term refers to a legal action which usually is performed on the base of the debtor’s non-performance for some term, against proper performance of the other parties’ obligations. It is vital that the debtor may be in delay, but the running contract is still in force. This is why the creditor has to declare and let the debtor know that they are no longer interested in the future performance of this contract. Such an official action is called “cancelation of contract” or “pulling out of contract”. In some legal systems, before asking the court to judge in your favor, a proper cancelation of non-obeyed by the other party contract should be done.

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