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- An unconditional offer by one party to a contract to perform his or her part of the agreement; made when the offer or believes the other party will breach to establish the offeror’s right to sue if the other party doesn’t accept it.
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Jan 1, 2012 · Tendering, in real estate practice, is a strategy real estate lawyers can use to demonstrate a client’s willingness and readiness to close a transaction in circumstances where there may be doubts about the other party’s ability or willingness to close on time. done properly, tendering can help to preserve a client’s rights in the event of a breach. done wrong, it can backfire.
What is an offer? An offer is actually a type of promise in exchange for another party’s specific performance. To be valid for the purposes of a contract, an offer needs to be communicated to the other party, and the other party must have a chance to either accept or reject the offer. Once made, an offer can be easily withdrawn prior to ...
Sep 3, 2021 · tender (noun) 1. an unconditional offer of money or service in satisfaction of a debt or obligation made to save a penalty or forfeiture for nonpayment or nonperformance. 2. an offer or proposal made for acceptance as. a) an offer of a bid for a contract. b) - tender offer. 3.
The tender deadline will set out how the offer is made and considered – it is usually submitted in a sealed envelope and is not opened until after the tender deadline. The listing agent may be present for this as well as the vendor’s lawyer or any support person the vendor chooses. Listing by tender may be useful when:
An invitation to tender may also be regarded as an offer to consider all tenders correctly submitted, even if it is not an undertaking actually to accept one. In some cases a tenderer makes what is called a ‘referential’ tender, offering to top anyone else’s bid by a specified amount as was illustrated in the case of Harvela Investments Ltd v Royal Trust Co of Canada (CI) Ltd (1985).
The definition of tender real estate revolves around a value for another’s (typically bidders) acceptance. An example is making a bid at an auction market for real estate. A tender is, by all means, one of the unique ways to sell a house. Listing agents can list real estate for sale by tender. Homebuyers can present their offers in a written ...
Remedies for breach. Typically under real estate purchase contracts there are two basic remedies available to both the buyer and the seller for the other party’s breach: (i) monetary damages and (ii) an action for specific performance. 1. Monetary damages.
