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Contracts are legally binding as long as there is clear acceptance between both parties. There are three main types of contract breaches:
Minor breach-this occurs when one party has failed to meet a minor condition of a contract but has met the essential obligations.
Material breach-this occurs when a substantial breach has been made and major obligations were not fulfilled.
Anticipatory breach-this can occur when one party states in advance that they won't be able to meet the obligations agreed upon in a contract.