Asked by Nguyen Hien Minh Quan on Jun 25, 2024
Verified
When a buyer breaches a contract for a sale of land, the seller can recover the difference between the contract price and the market price of the land.
Contract Price
The total financial compensation agreed upon by all parties involved in a contract for the sale, purchase, or delivery of goods or services.
Market Price
The present cost for purchasing or selling an asset or service in a specific market.
- Understand the legal standards for obtaining compensation due to breaches in contracts associated with the transaction of goods, employment contracts, and property.
Verified Answer
AS
AKANSHA SINGHJun 28, 2024
Final Answer :
True
Explanation :
In a breach of contract for the sale of land, the seller can indeed recover damages measured by the difference between the contract price and the market value of the land at the time of the breach, along with any incidental damages directly resulting from the breach. This is a common legal remedy to compensate the seller for the loss in value of the contract.
Learning Objectives
- Understand the legal standards for obtaining compensation due to breaches in contracts associated with the transaction of goods, employment contracts, and property.
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