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Key concepts and terminology for ending a sale of land contract

The key concepts and terminology for ending a sale of land contract are essential for practitioners navigating the complexities of property transactions. This guidance note outlines critical legal principles surrounding termination, rescission, repudiation, and other grounds for ending contracts. Understanding these terms is vital to assess risks and obligations without prematurely concluding a contract dispute.

Topics Covered

  • Termination
  • Rescission
  • Essential terms vs warranties vs intermediate terms
  • Repudiation
  • Other grounds for ending a sale of land contract

Essential Insights

  • Evaluate how contractual termination rights may expand, restrict, or replace statutory rights.
  • Recognise the risks of wrongful termination potentially constituting repudiation.
  • Consider the practical implications of being ready, willing, and able to settle before terminating.
  • Understand the nuanced distinction between termination and rescission and their post-contractual effects.
  • Assess repudiation carefully, as courts apply a stringent objective standard to its establishment.
  • Identify additional grounds to end contracts beyond breach or repudiation, with significant legal consequences.

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