Is it possible to have my Preliminary contract terminated?
Last update: 2008-05-09 06:33:04
According to art. 63 of the Contracts and Obligations Act "Each of the parties to the contract should fulfil its contractual obligations punctually and conscientiously in accordance with the legal requirements and it is not to obstruct the other party to perform its contractual obligations". Before the expiration of the term of the contract, each of the parties could demand its termination because of culpable non-performance of the other party. In case of termination, there should be an official notice in writing sent from the contractually accurate to the contractually culpable party to the address for correspondence according to the Preliminary contract mentioning the reasons for termination and granting some additional term for performance of the contractual obligations. The termination will occur after the expiration of the additionally granted term and in case of non-performance in the interim period of the contractual obligations. The termination of the contract has retroactive force - just like there has never been a contract between the parties. They are obliged to refund all given for the accomplishment of the contract. "Given" might be for the Buyer the price or part of the price and for the Seller - the delivered property possession.