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Repudiation
       
 
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Repudiation

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Repudiation
When one party refuses to honor their terms in a loan contract.
    
It is a term in the law of contracts that describes a declaration by one party (the promising party) to a contract that they do not intend to live up to their obligations under the contract. The repudiation can be retracted by the promising party so Long as there has been no material change in the Position of the performing party in the interim. A retraction of the repudiation restores the performer's obligation to perform on the contract.
    
This is often seen when a new government is elected and refuses to settle debts acquired by a previous government.
Posted by  Privatebanking.com
 
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