Compliance case Cedar Checklist frames the issue this way. In a Tallahassee transaction, a closing coordinator wants the Florida rule on buyer and seller breach scenarios. Which statement is correct?
Correct Answer
C) Attorney-fee rights in a contract dispute usually depend on the contract or another applicable legal basis, not a universal Florida real estate rule.
Attorney-fee rights in a contract dispute usually depend on the contract or another applicable legal basis, not a universal Florida real estate rule. This follows Current Florida residential contract practice; Florida contract-law principles; FREC Real Estate Law Book.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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