Is a contract a legally and binding contract without ernest money?
Full Question:
Is a contract a legally and binding contract without ernest money?
04/02/2007 |
Category: Contracts ยป BuySell Agre... |
State: Tennessee |
#2467
Answer:
The answer depends on the terms of the contract. If all the basic elements of contract law (offer, acceptance, consideration) are met, it is a binding contract. If the contract requires one party to provide earnest money and they fail to do so, that party may be in breach of the contract. Please see:
http://www.uslegalforms.com/legaldefinitions/c/contract-law.php
http://www.uslegalforms.com/legaldefinitions/c/contracts-breach-of-contract.php
