Which term or document is being described in this North Carolina item on breach remedies, termination, and refunds? Description: The North Carolina statutory procedure that may be used to remove certain disputed earnest money from the broker's trust account after notice and waiting period.
Correct Answer
B) Deposit with the clerk of court under G.S. 93A-12
Deposit with the clerk of court under G.S. 93A-12
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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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