David Saks: Breach of Contract : Uh, Oh ! Time For A Good Ol' Fashioned @#! Whippin' !!!

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Breach of Contract : Uh, Oh ! Time For A Good Ol' Fashioned @#! Whippin' !!!

                                        breach

Just what in the heck does it mean when somebody says that your in violation of a breach of contract ??? Well, kind of in a nutshell, it means that it's the kind of contract that's been terminated, canned, axed, or blown off if the contract has been violated or broken without any legitimate reason. If any of the conditions of the contract have been broken, and there's no logical, lawful, reasonable explanation for it, and it's illegal because there's no legitimate reason for it, then we've got a nasty little situation that we refer to as a breach of contract. I suppose the most popular form of all, which would serve as an excellent example of a breach of contract for our purposes here, is a situation where the seller decides not to deliver the title to the buyer. The seller's in a $#@!* load of hot water because the buyer now has a slew of legal reasons to sue in order to make the seller either cough up the title or have to deal with Perry Mason.

scales

This brings us to a little thing we call specific performance. What in the devil is specific performance, David? Well, the jilted buyer says to the judge, "Judge, make that %$#@ seller go through with the sale of the house and make that %$#@* seller give me the title just like we agreed to do in the contract that I signed with that %$%#@* seller! And, oh yeah, Your Honor, I want to sue the $#@!* seller for damagesbreach of contract because of the suffering and hard-knocks that the %$#@* seller needlessly put me through !" The additional request for damages is a little perk for the buyer because of the suffering the buyer had to endure as a result of the %$#@!* seller's breach of contract.

On the other hand, if the buyer breaches the contract, the seller can do the same doggone thing in reverse, which is basically suing for specific performance, and ask the court, "Your Honor, I want to sue that %$#@* buyer for damages, and not only damages, but I want the full purchase price of house, too." If granted, the court will make the %$#@* buyer pay the full purchase price of the house, and possibly even award damages to the seller also because of the hardship created by the failure of the buyer to honor the contract.

There are all kinds of reasons to terminate a contract, but a breach is probably the ugliest way to try to get out of it. What do you think?

Words with asterick * = crooked (you don't really believe that do you) :-)




David Saks



Time&Temp Memphis

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Comment balloon 8 commentsDavid Saks • June 16 2008 12:10AM

Comments

Breach doesn't seem to occur in our area very much. In California, there are several contingencies with long windows. Buyers with buyer's remorse seem to have several loopholes to slip through.

Posted by Vickie Nagy, Vickie Jean the Palm Springs Condo Queen (Coldwell Banker Residential Real Estate) over 11 years ago

A liquidated damage clause might be one of those loopholes, Vickie, and a quick way out. Thanks for stopping by.

Posted by David Saks ((retired)) over 11 years ago

Interesting topic. Personally Ive never seen specific performance persued by either a buyer or seller. Im sure it happens, Ive seen it come really close and parties hiring attorneys to cover thier tails. Usually I see people just walk away from the transaction and its a mutual decision.

The one instance where I saw things building up was when a developer knew they were getting a steal on some commercial property and the sellers realized thier Realtor sold them out for a lower price than they should have gotten.

Posted by Mike Wong, Realtor: Commercial, Residential, Leasing, Invest (Keller Williams Realty Southwest) over 11 years ago

Nasty situation about that developer, Michael. Thanks for sharing that story.

Posted by David Saks ((retired)) over 11 years ago

David,

This is an interesting topic and like Vickie and Michael, we don't see that happen much around here.  But with some of those %$#@* buyers and/or sellers who knows it could.

Don R.

Posted by Don Rogers, Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes (Keller Williams Realty Chesterfield) over 11 years ago

You da' man, Don ! You nailed it ! :-)

Posted by David Saks ((retired)) over 11 years ago

I love the way you wrote this and gave such vivid descriptions.  Here's my blog a few weeks ago about what I considered breach of contract. http://activerain.com/blogsview/522430/Playing-dirty-pool  I should have used more of your descriptive symbols.

Posted by Barbara S. Duncan, GRI, e-PRO, Executive Broker, Searcy AR (RE/MAX Advantage) over 11 years ago

Thanks, Barbara. I had hoped that my recent entry would become a luminous departure from various and sundry somniferous prose, albeit a smattering of the old South. I enjoyed your entry and recall commenting that the seller should've whacked the investor with the cue stick. Perhaps a little extreme, but fits handsomely into the texture of the subject at hand. :-) Hope your having a fine day. Great to hear from you, as always.

Posted by David Saks ((retired)) over 11 years ago

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