The great thing about being able to fire a person or a contractor, or any kind of counterparty is that the option to terminate a contract brings accountability.

FORBES: Who Doesn't Like Being Able to Fire People?

In a statement, Aldi Ireland said it was necessary to terminate its contract with Silvercrest "due to a serious breach of contract".

BBC: Horsemeat row: Aldi is latest to drop Silvercrest

If Bank of America matches any competing offer, there is no further right to terminate the contract for a superior proposal, it added.

FORBES: Now It's War

Morals clauses are typically worded in such a way as to allow a brand to immediately terminate an endorsement contract, without any penalty, should the athlete endorser act in a certain manner that would tarnish the reputation of the brand.

FORBES: Nike's Disassociation From Lance Armstrong Makes Nike A Stronger Brand

If Silver Wheaton chooses to terminate the contract with Barrick over a failure to meet its commitments, it will have a negative impact on its expected silver stream quantity by 2017.

FORBES: How Bad Will Weak Prices Ding Silver Wheaton's Earnings?

But Kodak declared bankruptcy last month, and a judge permitted the company to terminate the contract earlier this week.

FORBES: Kodak To Give Up Naming Rights To Oscars Venue