Debtors Default - Consequences
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Options of the creditor
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Creditor can continue to demand performance (enforceable claim exists)
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Withdrawal after setting and expiry of a reasonable grace period. Contract is voided.
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Interest for late payment/fulfillment
- Assumed if not proven otherwise by the debtor
- Compensation for damages caused by default
- Option Fulfillment: Damage caused by delay
- Option withdrawal: interest in performance (financial benefit from the contract)