Iowa Code 554 governs the various commercial transactions where contractual obligations can be breached frequently.
- The code describes that the breach of contract means a violation of a promise given under the contract.
- The non-performance has caused some serious damage to the party who has performed his part of the contract.
- There is no further requirement on the party to continue performing his contractual duty after the breach.
- The claim for breach of contract may be settled in part or full depending on the circumstances of the case and as per the court’s verdict.