In the context of contracts for the sale of land, courts sometimes use the term abandonment as if it were synonymous with rescission, but the two should be distinguished. An abandonment is merely the acceptance by one party of the situation that a nonperforming party has caused. But a rescission due to a material breach by the other party is a termination or discharge of the contract for all purposes.
What is a bridge loan? A bridge loan is a short-term temporary financing option that typically has a loan maturity of 18 months or less. Bridge financing provides fast access to cash ordinarily used by a borrower purchasing a property to bridge the finance gap between the sale date of the current property and the completion date of the new property. However, bridging loans are ordinarily a financing means of last resort given that they come with much higher interest rates than traditional mortgages and are typically offered by advisers, specialist bridging finance companies and mortgage brokers and are not normally offered by high street banks. Failure to repay a bridge loan will likely lead to repossession and very significant adverse costs consequences.
If you have been charged with a crime, whether a misdemeanor or a felony, you may ask yourself do I need a criminal defense attorney? Whether or not you think that the situation is serious, there may be a lot more at risk than is immediately apparent, and you could find yourself looking back on this case year from now wishing that you had taken some different steps, if you don’t hire an experienced criminal attorney.