Ontario Mortgage Agent Practice Exam

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What occurs when one party in a contract fails to fulfill their obligations?

Breach
Condition Precedent
Acceptance
Mistake

The correct answer is: Breach

When one party fails to fulfill their obligations in a contract, this is known as a breach. It means that they have not fulfilled their end of the agreement, which could lead to legal consequences. The other options are not correct because acceptance refers to both parties agreeing to the terms of the contract, mistake refers to an error in the contract itself, and condition precedent refers to a condition that must be met before the contract can be enforced. These options do not address the issue of one party failing to fulfill their obligations.