A transaction fails to close due to missing a deadline specified in the purchase contract. The contract is

In real estate transactions, a purchase contract outlines specific deadlines that both parties must adhere to for the transaction to proceed smoothly. When a deadline is missed and the transaction fails to close as a result, it indicates that one party has not fulfilled their obligations under the terms of the contract. This failure to meet a contractual deadline constitutes a breach of the contract.

A breach occurs when one party does not perform their duties as stipulated in the agreement, leading to potential damages or the right for the non-breaching party to seek remedy. In this scenario, since the closing did not occur due to the missed deadline, it reflects that the contractual obligations have not been fulfilled, thus making the contract breached.

Understanding the implications of a breach is crucial in real estate, as it can lead to negotiations for remedies, potential legal actions, or discussions for amendments to the contract. Therefore, indicating that the contract is breached accurately captures the legal reality of the situation.