Full question:
Can a seller go back and cancel a purchase agreement if the seller gets a better offer than the one on contingency from buyer?
- Category: Contracts
- Date:
- State: Nebraska
Answer:
If a contract has been formed, the seller generally cannot cancel it simply because they receive a better offer. A better offer is not considered a valid legal reason to void an existing contract. The rights and obligations of both the seller and the buyer are determined by the terms of their agreement, which should be reviewed carefully.
Contracts are legally enforceable agreements that create obligations for the parties involved. An oral contract can be enforced similarly to a written one, but proving its existence and terms can be more challenging. Written contracts typically allow for a longer time to sue for breach than oral contracts.
Breach of contract occurs when one party fails to perform their obligations under the contract, resulting in damages to the other party. Remedies for breach include monetary damages, restitution, rescission, reformation, and specific performance. Monetary damages compensate for financial losses, while restitution aims to return the injured party to their pre-contract position.
Rescission terminates the contractual duties of both parties, and reformation allows for changes to the contract to correct inequities. Specific performance compels a party to fulfill their contractual duties when monetary damages are insufficient.
Promissory estoppel may apply when one party relies on the promise of another, even if there is no enforceable contract. If you are considering legal action, it may be beneficial to consult with a legal professional.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.