Renege refers to the act of going back on one’s word or reneging on a commitment. It is akin to breaking a promise or renouncing a deal.
John reneged on his promise to help his friend move by not showing up at the last minute. This is an example of failing to keep a commitment.
A: To renege on a contract means to break or fail to fulfill the terms of the agreement.
A: Yes, it is illegal to renege on a contract. It can result in legal consequences such as a breach of contract lawsuit.
A: The consequences of reneging on a contract can include legal action, financial penalties, and damage to one’s reputation.
A: Yes, if one party reneges on a contract, the other party may have the right to cancel the contract.
A: No, if one party reneges on a contract, the contract cannot be enforced.
A: Reneging on a contract means breaking the terms of the agreement, while terminating a contract means ending the agreement by mutual consent or due to a specific condition being met.
A: Yes, if one party wants to renege on a contract, they may be able to renegotiate the terms of the agreement with the other party.
A: The statute of limitations for a breach of contract lawsuit due to reneging varies by state and type of contract, but is typically between 2-6 years.
A: Yes, a verbal agreement can be considered reneged upon if one party fails to fulfill the terms of the agreement.
A: To protect yourself from someone reneging on a contract, make sure the terms of the agreement are clearly defined and put in writing, and consider including a penalty clause for breach of contract.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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