Breach of Contract refers to the violation of the terms agreed upon in a legal contract, enabling the affected party to seek legal remedies such as rescission of the contract, damages, or specific performance.
Forfeiture refers to the loss of money or anything else of value because of failure to perform under a contract. It often occurs in legal and real estate contexts, where breaching a contract can result in the forfeiting party losing their rights to certain property or assets.
Liquidated damages are a predetermined sum agreed upon in a contract which one party will pay to the other in the event of a breach of contract. This provision aims to cover the non-breaching party's estimated losses without requiring a legal battle.
