What is an opportunity to cure a breach of contract?

An opportunity to cure a breach of contract is a legal term used in residential real estate law in New York. It is the right given to one party to a contract that allows them to fix a breach, or violation of the contract, before the other party takes action to end the contract due to the breach. The opportunity to cure must be exercised within a certain time frame defined in the contract. Under New York law, a party may be given an opportunity to cure if they can prove that the breach was unintentional and that they will promptly take steps to resolve the breach. Opportunities to cure are often exercised when a buyer breaches the contract by not making payments on time or when a seller fails to adhere to the agreed-upon conditions of the sale. In addition to the time frame, the contract may also specify the type of remedy the party must provide or follow to cure the breach. This could be something as basic as making a payment to the other party, providing a remedy for damages, or completing a specific task. If the breach is not cured within the specified time frame, then the other party may have the right to terminate the contract. Ideally, an opportunity to cure gives the breaching party a chance to make up for their mistake while avoiding a costly legal battle. However, if the breach is not cured or the other party chooses to terminate the contract, then they may seek damages or other legal remedies.

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