Search results
Results From The WOW.Com Content Network
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 contract was terminable at will (meaning either party can renege without notice). Note that consumer protection laws may disallow terms that allow a company to terminate a consumer contract at will (e.g. Unfair Terms in Consumer Contracts Regulations 1999 [5]) The contract required constant supervision. [6]
The contract set a completion date of Sept. 1, 2020, and an “outside date” for a certificate of occupancy and closing within six months, or by March 1, 2021.
In a real estate context, an option fee is money paid by a buyer to a seller for the option to terminate a real estate contract. Option fee funds should not be confused with earnest money. The use of option fees is most common in the residential resale market in Texas. [citation needed]
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 common area where executory contracts are found is US bankruptcy law, where obligations exist for both parties to a contract at the time of a bankruptcy petition.In cases such as this, both the debtor, or the side that is filing for bankruptcy, and counterparty, or the side contracting with the debtor, may have to make further performance.
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.