Contracts
In NJ, a 'notice of breach' in a real estate contract formally:
ACancels the attorney review period
BInforms the defaulting party that they have failed to perform a contractual obligation and provides an opportunity to cure✓ Correct
CAutomatically transfers the deposit to the non-breaching party
DRequires NJREC approval
Explanation
A notice of breach formally advises the defaulting party of their failure to perform and typically provides a cure period. It is an important step in establishing default and preserving the non-breaching party's legal remedies.
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