12:27
already seeing people complain about waiting when they could be waiting until march or april
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LSDefine
Simple English definitions for legal terms
remedy, mutuality of
Read a random definition: governing law
A quick definition of remedy, mutuality of:
Remedy, Mutuality of: This means that both parties involved in a transaction have the right to seek a solution or remedy if something goes wrong. This is especially important when it comes to specific performance, which is when a court orders someone to fulfill their contractual obligations. In some cases, both parties must have the option of seeking a remedy before specific performance can be granted.
A more thorough explanation:
Definition: The mutuality of remedy refers to the availability of a remedy, particularly equitable relief, to both parties involved in a transaction. This is sometimes required before either party can be granted specific performance.
Examples: If a buyer and seller enter into a contract for the sale of a house, and the contract includes a provision that allows the buyer to back out of the deal if certain conditions are not met, then the seller must also have a remedy available if the buyer fails to fulfill their obligations. This could include the seller being able to seek specific performance of the contract, or other equitable relief.
Another example could be in a partnership agreement, where both partners have the right to seek remedies if the other partner breaches the agreement. This could include seeking specific performance of the agreement, or other equitable relief such as an injunction.
These examples illustrate the concept of mutuality of remedy, where both parties to a transaction have the right to seek a remedy if the other party fails to fulfill their obligations. This helps to ensure that both parties are protected and that the transaction is fair and equitable.