Final answer:
Rod's decision to terminate the contract with Charlotte and acquire the business himself is considered a breach of contract. Charlotte may have legal remedies available to her, such as seeking damages or specific performance. Proper consideration of contractual terms is crucial to avoid conflicts or breaches.
Step-by-step explanation:
Rod's decision to terminate the contract with Charlotte and acquire the business himself is known as a breach of contract. A breach of contract occurs when one party fails to fulfill their obligations under the terms of a contract. In this case, Rod agreed to negotiate the acquisition of the business for Charlotte but instead decided to acquire it himself.
When a breach of contract occurs, the non-breaching party, Charlotte in this case, may have legal remedies available. These remedies may include seeking damages to compensate for any losses incurred as a result of the breach or seeking specific performance, which would require Rod to fulfill his obligations under the contract and complete the acquisition for Charlotte.
It's important for parties entering into contracts to carefully consider the terms and conditions, including any provisions related to termination or changes in ownership, to avoid potential conflicts or breaches of contract.