An office manager in Cary is updating the policy manual on breach remedies, termination, and refunds. Which statement best applies under current North Carolina law?
Correct Answer
A) The contract controls many termination and refund outcomes, so brokers should read the specific form language and addenda rather than rely on broad slogans.
The contract controls many termination and refund outcomes, so brokers should read the specific form language and addenda rather than rely on broad slogans.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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.
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