If my contractor stopped working, can I consider the contract breached?

Question Details: I hired a contractor to remodel my attic. The terms of contract were 50% upfront and 50 when the job was completed. The subcontractors framed everything out, however then I got a phone call from the contractor saying that he was having financial problems and asked me for 25% of the remaining balance to continue work. I said no because I have been burned by contractors in the past. He then asked me to pay for the remainder of the materials so that he could pay his guys to finish the job. I paid for the materials and no one showed up for a month to do work. In the contract it stated that the job would be completed by the 18th but now it's the 16th of this month and nothing has been done. Am I within my rights to consider this contract terminated?

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