(a) Explain the following: (i) party to a contract; (ii) invitation to tender; (iii) breach of contract.

(a) Explain the following:(i) party to a contract;(ii) invitation to tender;(iii) breach of contract.(i) Party to a contract: A party to a contract refers to an individual or entity that is involved in a legally binding agreement. In a contract, there are typically two or more parties involved, each with their own rights and obligations. These parties can be individuals, businesses, organizations, or any other legal entities that have entered into an agreement with each other. The contract outlines the terms and conditions of their relationship and specifies the rights and responsibilities of each party.(ii) Invitation to tender: An invitation to tender (also known as a request for tender or RFT) is a document sent by a buyer or an organization to potential suppliers or contractors. It invites them to submit a proposal or bid for a specific project or contract. The invitation to tender provides detailed information about the project requirements, specifications, and evaluation criteria. It allows the buyer to compare different suppliers' offers and choose the most suitable one based on factors such as price, quality, experience, and compliance with the project requirements.(iii) Breach of contract: Breach of contract occurs when one or more parties involved in a contract fail to fulfill their obligations as specified in the contract. This failure can take various forms, such as not performing the agreed-upon tasks, delivering goods or services that do not meet the required standards, failing to make payments as agreed, or violating any other terms of the contract. When a breach of contract occurs, the affected party may have the right to seek remedies, such as damages, specific performance, or termination of the contract.