Hutchings Law Group

Breach of Purchase and Sale Agreement

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Breach of Purchase and Sale Agreement

A purchase and sale agreement is a legal contract between a buyer and a seller that outlines the terms and conditions of a transaction involving the sale of goods, real estate, or other assets. Breaches of purchase and sale agreements can occur when one party fails to fulfill their obligations under the contract. The breach of a purchase and sale agreement for the purchase of goods is addressed not by the common law, but by the Uniform Commercial Code, Article 2. In Nevada, this code was adopted by the Nevada legislature at Nevada Revised Statutes Chapter 104. Real estate claims are often subject to mandatory mediation with the Nevada Real Estate Division. Purchase and sale agreements for the purchase of stock or other assets are often affected or controlled by dispute resolution clauses within the agreement or by other contracts that control the terms of the transfer. It is important to consult with an attorney to ascertain the full scope of non-obvious legislative, administrative, or contractual issues that may affect the claimed breach of a purchase and sale agreement.

Some of the most common situations that result in the breach of a purchase and sale agreement include:

  1. Failure to deliver: If the seller fails to deliver the goods, real estate, or assets as specified in the agreement, it can be considered a breach of the contract.
  2. Non-payment: If the buyer fails to make payment as specified in the agreement, it can be considered a breach of the contract.
  3. Misrepresentation: If either party makes false or misleading statements about the goods, real estate, or assets being sold, it can be considered a breach of the contract.
  4. Failure to disclose information: If either party fails to disclose important information about the goods, real estate, or assets being sold, such as defects or known issues, it can be considered a breach of the contract.
  5. Failure to meet deadlines: If either party fails to meet deadlines specified in the agreement, it can be considered a breach of the contract. For example, if the seller fails to deliver the goods by the agreed-upon date, it can be considered a breach of the contract.

There are many nuances to purchase and sale agreements which affect claims for breach that businesses should be aware of when considering whether to bring a lawsuit. We assist businesses in identifying the many issues that surround the breach of a purchase and sale agreement and craft situation specific solutions to help our clients recover or defend claims.

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