What is an opportunity to cure a breach of contract?

An opportunity to cure a breach of contract in Delaware residential real estate law is when the parties involved have a chance to be in compliance with the agreement without any penalty. It is available when one party fails to fulfil their obligations under the contract. In this case, the other party can give written notice of the breach and an opportunity to cure. This notice must give a reasonable amount of time to make the necessary repair or fulfill the obligation without facing any penalty. The specific amount of time granted to make the repair or fulfill the obligation will depend on the specific provisions in the contract and the nature of the breach. For example, if the breach involves a payment, the other party may give a few weeks to make the payment, while for more serious breaches involving the condition of the property, the time given to cure the breach may be longer. It is important to note that this “opportunity to cure” does not apply if one party has already breached an essential part of the contract or the repair is not reasonable. In these cases, the other party has the right to terminate the agreement and seek damages.

Related FAQs

What is a deed restriction?
What is a lease purchase agreement?
What happens if I breach a contract?
What is an earnest money deposit?
What is a home inspection and why should I get one?
How do I protect myself if I discover a defect in a home I am buying?
What is the difference between a deed and a contract of sale?
What taxes are involved in the purchase of a home?
What is the difference between an affidavit of title and a title commitment?
How do I qualify for a mortgage loan?

What is an opportunity to cure a breach of contract?

Related FAQs

Related Blog Posts