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“Generally, if the buyer is not performing, then the seller can cancel the contract, provided the seller has complied with the provisions in the contract regarding notice to the buyer to perform.”
The termination option paragraph of the contract gives a potential buyer, in return for paying an "option fee" to the seller, the unrestricted right to terminate the contract by giving notice of termination to the seller within a certain number of days after the effective date of the negotiated contract.
But it depends heavily on the circumstances and reasons surrounding the contract termination. “If all of the buyer’s legitimate deadlines have expired and the buyer is considered to be in ...
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.
A termination for convenience clause, or "T for C" clause, [1] enables a party to a contract to bring the contract to an end without the need to establish that the other party is in default, for example because the client party's needs have changed, or in order to arrange for another party to complete the contract.
Attention: Notice of Legal Dispute. Dept. 5771. PO Box 65101. Sterling, VA 20165-8806. A “Notice of Legal Dispute” is a written form in which you provide your name, address, contact information, your AOL username, the facts regarding your Dispute, and the relief you are requesting from us. You can get a Notice of Legal Dispute form by ...