A contract may be terminated if it is breached by one of the parties. A breach of contract is a violation of any of the terms or conditions of a contract without legal excuse. For instance, a seller who fails to deliver title to the buyer breaches a sales contract. The breaching or defaulting party assumes certain burdens, and the non-defaulting party has certain remedies.
In Illinois, the statute of limitations for oral contracts is five years and for written contracts, ten years. Any rights not enforced within the applicable time period are lost.