A party who withholds part of an agreed purchase price and communicates an intention not to pay the balance, even where the amount withheld is relatively small compared to the total price, engages in repudiatory conduct entitling the other party to terminate. The fact that the withholding party later tenders the balance is irrelevant where the innocent party has already accepted the repudiation. The test is what a reasonable person in the innocent party's position would have concluded at the time of the repudiatory communication.
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