Which term describes nonperformance that results in the injured party receiving something substantially less than or different from what the contract intended?

The correct term that describes nonperformance resulting in the injured party receiving something substantially less than or different from what the contract intended is a "material breach." A material breach is a significant failure to perform under the terms of a contract, where the nonperformance goes to the essence of the agreement. This indicates that the injured party did not receive the benefits that were expected, which can affect their ability to fulfill their part of the contract or derived benefits. Essentially, a material breach allows the non-breaching party to seek legal remedies, as it undermines the purpose of the contract itself.

A breach of contract generally refers to any failure to adhere to the agreed-upon terms, which can be minor or major. Negligence involves failing to exercise a reasonable standard of care in a given situation, but is not specific to contract performance issues. A fraudulent act involves deception or wrongful intent, typically in situations where there is an intention to deceive for gain. However, it does not necessarily classify the nonperformance of a contractual obligation in the same way a material breach does.