In a licensing seminar in Chandler, a party asks whether contract cancellation always excludes every other possible remedy under Arizona law. Which statement should the broker communicate?
Correct Answer
B) depending on the contract and facts, Arizona remedies may involve cancellation and other relief recognized at law or in equity
Under current AAR contract remedy language; Arizona contract law, depending on the contract and facts, Arizona remedies may involve cancellation and other relief recognized at law or in equity.
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Related Topics & Key Terms
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Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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