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First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.
If the subject of the contract is destroyed (such as through merging the contract subject and the contract obligation), then the contract may be made void. [1] Extinguishment occurs in a variety of contracts, such as land contracts (common, copyhold), debts , rents , and right of ways . [ 1 ]
The merger also refers to the doctrine whereby "a fee simple estate, once fragmented into present and future interests, can thereafter be reconstituted. 'Merger is the absorption of a lesser estate by a greater estate, and takes place when two distinct estates of greater and lesser rank meet in the same person or class of persons at the same time without any intermediate estate.' "[1 ...
A purchase and sale agreement (PSA), also called a sales and purchase agreement (SPA) [1] or an agreement for purchase and sale (APS), [2] is an agreement between a buyer and a seller of real estate property, company stock, or other assets.
Republic Services will be enforcing the clause in the contract it negotiated with the City of Morgantown that allows it to raise rates this year. The $1.59 per month increase will hit residential ...
The institution became Saint Augustine's School in 1893, and the school chapel and a new library were built in 1896. [12] On October 18, 1896, the St. Agnes' Hospital and Training School for Nurses opened, becoming one of the primary Black healthcare facilities between Richmond and Atlanta.
Before the closing happens, the settlement agency must ensure that all the money that the lender and buyer expect to send into escrow matches the total amount expected by parties that need to be paid, such as the seller and real estate agents. This matching process means that accounting information is gathered and the order is “balanced.” [8]
A 14-year-old student was in a building known as the pottery shack at the Montessori School of Raleigh’s middle school campus. Also in the room was Nick Smith, a beloved and gregarious math ...