What is an opportunity to cure a breach of contract?

An opportunity to cure a breach of contract occurs when one party fails to meet their contractual obligations. In Virginia, this is a legal remedy that allows the breaching party to fix the defect, preventing the other party from taking legal action or cancelling the contract. The most common type of opportunity to cure a breach of contract is the notice and cure period. During this time, the non-breaching party must provide the breaching party with written notice of their breach, and the breaching party must then have a certain period of time to rectify the defect. If the breaching party successfully remedies the breach before the period ends, the contract will remain valid and the breach will not be considered a violation. The length of the cure period depends on the type of breach and the terms of the contract. Generally, the period can range from 7-30 days, but it may be much shorter or longer depending on the specifics of the agreement. If the breaching party is found to be negligent or causes irreparable harm, the non-breaching party may not have to issue a notice and cure period. An opportunity to cure a breach of contract is an important legal protection in residential real estate law in Virginia. If used properly, it can provide both parties with the chance to resolve the issue without court intervention, preserving the validity of the contract.

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