Anticipatory breach, also known as anticipatory repudiation, occurs when one party to a contract declares that they have no intention of fulfilling their obligations defined in the contract. This declaration relieves the other parties from any contractual obligations and may allow them to seek remedies.
An extension is an agreement between two or more parties to extend the time period specified in a contract. Extensions are common in real estate transactions and are used to ensure that all parties have adequate time to fulfill their obligations.
Force majeure refers to an inevitable or unforeseeable event beyond the control of a contractual party, which prevents the performance of contractual obligations, often included in contracts as a protective clause to release the affected party from liability due to non-performance or delayed performance.
A lease purchase agreement, also known as a lease with option to purchase, is a contractual arrangement that combines elements of a traditional rental lease with an option to buy the property within a specified timeframe. It can provide benefits for both buyers and sellers.
In contract law, performance refers to the completion of duties and obligations specified in the contract. Proper performance by all parties ensures that contractual objectives are met and can prevent disputes.
Specific performance is a legal remedy in real estate contracts where the court orders the breaching party to perform their contractual obligations, typically involving the transfer of property.
