Contract for Purchase and Sale 2: Remedies and the Merger Doctrine
This is the second lesson of two designed to introduce the beginning student to the basic concepts involved in a contract for the purchase and sale of real estate.
This lesson is merely a basic introduction for students to prepare themselves for a traditional Property class. Therefore, one should not assume that this lesson would enable one to represent oneself or assist another in preparing or examining real estate contracts. Additional law school courses such as Real Estate Finance, Real Property Closing Workshop and the like, along with passing the bar exam, are needed before engaging in such responsibilities.
Furthermore, this lesson presumes the user has completed the first lesson, Contract for Purchase and Sale 1: Formation and Terms, before using this one.
On completion of the lesson, the student will be able to:
1. Identify the traditional contract remedies available to a non-breaching party to a contract for the purchase and sale of real property.
2. Assess which of the available remedies is best suited to varying contract breaches.
3. Explain the merger doctrine.
4. Illustrate when to apply the merger doctrine.