So, you made an agreement with your bestie to go to a ballgame this weekend and he or she backed out on the deal? Hey hey, Doris Day...don’t get your panties in a bunch. (If you SERIOUSLY don’t know who Doris Day is, you should bow in shame right now. Better yet, hop on one foot, rub your belly, and shout your apologies at the top of your lungs. We’ll be waiting with a YouTube crew to capture the moment.)
Now let’s get to the fun stuff. Anticipatory breach is a massive legal term for flaking. But not in terms of besties.
It means a party to a contract anticipates a breach, either because it has been made clear that the other party does not intend to comply with the contract, or it has been implied that actions or events will affect the contract. In this event, the party that will be harmed can begin the legal process to have the court determine what the rights of the parties are under the contract (lawsuit, baby, an action for declaratory judgement).
Related or Semi-related Video
Finance: What is Contingent Liability?4 Views
Finance allah shmoop what is contingent liability All right you
know what a liability is right It's a debt it's
a promise you've made that you need to fulfill teo
pay someone and fulfilling it can be done with cash
or ah promise of delivering inventory or after you've sold
the home to the joneses An interesting family with oddly
large foreheads you know delivering good title to the home
to them right So you're fulfilling liability of producing your
home so what's a contingent liability Well think of it
is a call option or a put option on a
security A contingent liability is a derivative of some other
underlying being like another liability Well the most common contingent
liability would be a filed lawsuit that is more than
just an ambulance chasing securities lawyer hoping to get a
quick five hundred grand to go away google might be
willing to pay three billion dollars toe by ring That
wireless doorbell company started by some weirdo contingent upon ring
properly defending its lawsuit from honeywell which claims that they
own the patents on the process while the financial outcome
of that lawsuit is a contingent liability to the company
Ring and the outcome of the joneses moving into town
well is a worldwide dominance and the enslavement of all
human I mean that's what's at stake their people But 00:01:31.39 --> [endTime] not least they keep their front lawn looking nice
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