Renunciation occurs in circumstances where:-
- A party shows, by their conduct, that they no longer intend to be bound by certain terms of the contract;
- These terms must be either:
Where these two elements are present, an innocent party may terminate the contract. However, where the terms in question are warranties, the innocent party may not terminate the contract.
Where renunciation occurs before the time for performance has arrived, this is an anticipatory breach of contract.