Contracts
What is a material breach vs. a minor breach in Ohio contract law?
AAll breaches are the same
BA material breach goes to the essence of the contract entitling the other party to cancel; a minor breach allows damages but not cancellation✓ Correct
CMaterial breaches allow only minor damages
DMinor breaches can be ignored legally
Explanation
A material breach defeats the essential purpose of the contract, entitling the non-breaching party to cancel and sue for damages. A minor breach (partial) allows the non-breaching party to sue for damages but does not justify cancellation.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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