What is an opportunity to cure a breach of contract?

An opportunity to cure a breach of contract is a chance for the breaching party to fix the breach and still fulfill the contract. In North Carolina, residential real estate laws provide a number of opportunities for the breaching party to fix the breach and resume fulfilling the contract. For example, a seller may breach a contract by failing to pay the specified amount on a loan. The buyer is the non-breaching party and may give the seller a time-frame and opportunity to cure the breach, meaning the buyer can give the seller a specified amount of time to make good on the loan and resume contract obligations. Another example could be failure to make repairs to the property as specified in the contract. In this situation, the buyer would most likely give the seller a list of repairs to be made and provide a time frame in which the repairs must be completed. If the repairs are completed within that time frame, the contract may be resumed, and the breach cured. The goal of offering an opportunity to cure is to make sure that contracts are fulfilled and that both parties are treated fairly. In North Carolina, residential real estate laws provide the option to offer an opportunity to cure in most cases and ensure that the contract is fulfilled.

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