It is important to know which is which.
© Paul Brennan 2018. All rights Reserved.
Extract from "The Art of War, Peace & Palaver: The Contentious Guide to Legal Disputes"
Brennans solicitors Lawyers - Property, commercial, disputes, Wills and estates
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Paul Brennan is the principal of Brennans Solicitors, a law firm located on the Sunshine Coast, Queensland, Australia, where he practices with his wife, Diane in the areas of business law, litigation, property and wills/estates.
Over the years, by working in various countries, he noticed how similar the law can be. He set out to explain the law in a simple and often humorous way.
He has written several books about law and lawyers.
Further details of his profile can be found on Linkedin.
The terms of a contract can be divided into two types:
1. Non-essential terms otherwise called warranties. The court will order damages to compensate you rather than allow you to walk away. Therefore, small breaches by the other party are not much help in getting out of a contract.
2. Essential terms otherwise called conditions or material terms. For instance, a conditional contract where you need to be satisfied as to finance or due diligence within 14 days. However, essential terms (even where the contract is marked “time of the essence”) are divided into yes you got it - two types:
a. Where substantial performance is sometimes acceptable e.g. The seller does not have a copy of a stamped lease at the completion of the sale of a property. It is common sense that a buyer should not be permitted to terminate for a minor issue.
b. Where there must be strict compliance e.g. Handing over the money on time.
In short, all terms are not created equal.
© Paul Brennan 2018. All rights Reserved.
Extract from "The Art of War, Peace & Palaver: The Contentious Guide to Legal Disputes"
