Legal Question in Real Estate Law in Georgia

Breach of Contract

A long term lease was signed with an option to purchase at any time during the lease period. Lease payments and taxes are always paid on time never in arears. The original business failed, a business associate of the failed business and creditor took the assignment of lease and equity as collaterial. The former associate & creditor being a guarantor on the original lease assumed the lease responsiblity and subleased the property twice to other tenants. Six months after the third tenant moves in the option to purchase is executed per the agreement. Once the option is executed the owner decides he doesn't want to honor the agreement. Breaching the contract. Is there a statue under GA law for this type of breach?


Asked on 1/05/07, 1:55 pm

1 Answer from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Breach of Contract

I'm not sure what you mean by a statute for this type of breach. If a party to a contract has breached you should sue them for damages caused. Georgia case law governs such suits.

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Answered on 1/19/07, 3:33 pm


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