Today I will share with you some of the consequences of trying to end a contract if you are not allowed to based on the contract that you already signed.
Please note, that a good agent will always know and advise you of the best options available to you, and while nobody wants to go to court or mediation, occasionally there are misunderstandings and that is exactly where you end up. Please check out the link below for an unfortunate set of circumstances:
Duress - Example
Note that in the example above, the party that won, they still were not able to recapture their legal fees, so my feeling is that it's best to NOT let things end up in court if at all possible.
The damages you may be subject to are as follows:
Monetary Damages - If someone paid money out of pocket per the contract, they are entitled to recapture that according to the contract.
Liquidated Damages - If the contract spells out that either party that backs out of the contract will owe the other party $10,000, then the defaulting party can sue for the $10,000 (Liquidated Damages.)
Specific Performance - If a party backs out of the contract for no good reason the day before the end of the contract, the judge can find that they have to execute the contract.
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