What happens if I breach a contract?

If you breach a contract in South Carolina, you are responsible for any losses the other party may suffer as a result of the breach. Additionally, the non-breaching party may take you to court to seek a legal remedy, which can include an injunction to prevent further breach, the award of damages, or other equitable relief. If you are accused of breaching a contract, you may be able to defend yourself in court by showing that the contract was unenforceable, was modified without your knowledge, or was entered into under duress. Additionally, you may be able to prove that you fulfilled your part of the contract. If you breach a contract, the non-breaching party may be able to collect monetary damages from you, which can include the difference between the contracted price and the market value of the property at the time of breach, any additional costs associated with the breach, and other consequential damages. The non-breaching party may also be able to collect punitive damages, which are used to deter breach and punish those who knowingly and recklessly breach contracts. It is important to note that residential real estate contracts in South Carolina must be in writing in order to be enforced. This includes contracts for buying, leasing, and renting a home. If you are uncertain as to the terms of a contract, you should contact an attorney before signing.

Related FAQs

What is the difference between a lien and a mortgage?
How do I become a real estate agent?
What is the difference between a lease with option to purchase and an option to purchase?
What is a principal residence exemption?
What do I need to know about landlord-tenant laws?
What is a disclosure statement for a purchase agreement?
What is the difference between an owner-financed loan and a conventional loan?
What is a dual agency in a real estate transaction?
What are the rights of a tenant upon foreclosure?
What is a comparative market analysis?

What happens if I breach a contract?

Related FAQs

Related Blog Posts