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Breach of contract typically involves performance obligations and promises, as these are the essential elements of a contract. When a contract is formed, parties agree to certain terms and conditions that outline their responsibilities and expectations. A breach occurs when one party fails to fulfill these obligations, whether by not performing according to the agreement, failing to deliver goods or services, or not completing a task within the specified timeframe. This concept is grounded in the fundamental principle of contract law, where the primary focus is on the commitments made by the parties involved.

The other options touch on relevant aspects of the business and legal environments, but they do not directly address the specific nature of breach of contract. Government regulations pertain more to compliance and legal frameworks rather than the agreements made between parties. Contract negotiations involve the process of drafting and agreeing to terms, which happens before a contract is finalized, rather than addressing breaches after the agreement is established. Insurance claims may involve disputes or resolutions arising from contract breaches, but they are not the definition or foundation of what constitutes a breach of contract in itself.