Question

What are the 5 common methods to terminate a contract involving real property?

Answer 1

The 5 common methods to terminate a contract involving real property are mutual agreement, performance, breach of contract, impossibility, and operation of law.

Step-by-step explanation:

The 5 common methods to terminate a contract involving real property are:

1. Mutual agreement: The parties involved in the contract can agree to terminate the contract by mutual consent.
2. Performance: The contract can be terminated if both parties have fulfilled their obligations under the contract.
3. Breach of contract: If one party fails to fulfill their obligations under the contract, the other party may choose to terminate the contract due to the breach.
4. Impossibility: If it becomes impossible to perform the contract due to unforeseen circumstances, such as destruction of the property, the contract may be terminated.
5. Operation of law: Certain legal situations, such as bankruptcy or death of one of the parties, can lead to the automatic termination of the contract.