Contracts
A 'material breach' of a real estate contract is one that:
AInvolves a minor clerical error
BGoes to the heart of the contract and defeats its purpose✓ Correct
COccurs only at closing
DInvolves failure to pay the earnest money
Explanation
A material breach is one so significant that it defeats the contract's purpose, entitling the non-breaching party to rescind the contract and seek damages. A minor breach may allow for damages but not rescission.
Related Georgia Contracts Questions
- A listing agreement in Georgia is a contract between:
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- An open listing in Georgia allows:
- A bilateral contract in real estate is one where:
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