Conclusion to an Agreement

Contract Termination Line Icon Stock Vector - Illustration of logo, contract:  179813378

(Ontario)

Question:

If the buyer wants to terminate/void/avoid an agreement, what are the differences, if any, among these 3 words?

Answer:

If you are looking to bring a conclusion to an existing contract, there are indeed several words that are commonly used like: Cancellation, Termination, Null and Void, “at an end”, contract breach, and anticipatory breach.

There should be no reference to “avoid”.

Each of the terms have a slightly different meaning. In some cases, there are damages paid and in others no damages.

I would assume that the Buyer is probably anxious to either pay nothing, or pay as little as possible.

In that regard, the Buyer should be selecting Cancellation, null and void (for no damages) or anticipatory breach for limited damages.

A Seller would choose the opposite, namely Termination or “at an end” for full damages.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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