Consequences of Termination

Question 1

What are the 2 options when electing for a contract?

Answer 1

1. Termination
2. Affirmation

Question 2

What are the consequences when we decide to terminate a contract?

Answer 2

1. Future obligations cease
2. Accrued rights and interests continue

Question 3

With a contract of sale of LAND –> What happens w the deposit?

Answer 3

1. For vendor –> if vendor terminates contract for purchaser’s breach –> Vendor keeps deposit
2. For purchaser –> purchaser terminates contract for vendor’s breach –> Purchaser recover deposit in restitution of the basis of total failure of consideration