jerry and simon signed a contract giving jerry the option to purchase all of simon’s restaurant equipment for a set price after simon closes his restaurant next month. the contract contains a provision that states jerry has one year from the purchase date to file a suit relative to the purchase. after the year is up, jerry forfeits the right. what kind of contract clause is this?

When one party to a contract violates the terms of the agreement, the other party may file a lawsuit known as a contract lawsuit. 3 min. read

1. Requirements for and Defenses to a Breach of Contract Lawsuit

2. Requirements in General

3. Different Forms of Contract Breach

4. Alternatives to Filing a Lawsuit for Breach of Contract

5. What Is the Delaware Statute of Limitations for Contract Breach?

The courts will only uphold breaches of contract if certain conditions are met. These comprise:

The agreement must be legitimate.

By law, it must contain all of the fundamental components of a contract.

The plaintiff must demonstrate to the judge that the defendant violated the terms of the contract.

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