Business Discussion Remedies for Breach of Contract


Business Discussion Remedies for Breach of Contract

For this chapter discussion, answer the following questions. Be sure to cite any sources. Imagine that you are selling a house and your asking price is $250,000. On April 1st you receive an offer on your house for the asking price and you have accepted the buyer’s offer. Although the buyer’s proceeded through the process in good faith, you receive bad news near the end of the process about 30 days later. The buyer has failed to secure financing from their lender they are forced to terminate the contract. Now, a month later, the busy season for the real estate market is over. As the seller, you are quite disappointed because now you have to put your home back on the market. You think about how many other qualified buyers you missed out on while you were under contract with the original buyer. Now, the majority of the other qualified buyers have already found other homes. Although it’s different in real life, hypothetically think about what types of remedies you would want to pursue for breach of contract if you could. What proactive steps could you take to prevent this type of situation from happening again in the future?

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