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Contracts3

Contracts

QuestionAnswer
Mutual Rescission The parties to a contract agree to cancel the contract
Default Non-performance of duty under a contract
Breach of Contract When one of the parties to the contract is in default
Suit for Specific Performance A lawsuit to hold the defaulting party to his duties under a contract
Money Damages Compensation awarded to an injured party as a result of a lawsuit against the defaulting party in a contract
Liquidated Damages Damages specified in a contract that will be awarded in the event of default
Partial Performance An injured party is willing to settle for partial performance of a contract upon default by the other party
Right of First Refusal A clause in a lease allowing a tenant the right to match or better any offer before the property will be sold to another party
Lease-Purchase Agreement Lease with an option to buy-a tenant has occupancy now and the right to purchase at a specified future date and price
Created by: Shirilyn
Popular Real Estate sets

 

 



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