Contracts
An Alaska seller accepts an offer with a 30-day closing period. On day 25, the seller refuses to proceed with the transaction without justification. The buyer's legal remedies include:
ACancellation only — the buyer has no further remedies
BSpecific performance, rescission, or damages✓ Correct
COnly monetary damages not to exceed the earnest money
DRe-listing the property at the buyer's expense
Explanation
When a seller breaches a purchase agreement without legal justification, the buyer may choose among several remedies: (1) specific performance — compelling the seller to convey the property; (2) rescission — canceling the contract and receiving the earnest money back; or (3) money damages.
Related Alaska Contracts Questions
- An 'as-is' clause in an Alaska purchase agreement:
- In Alaska, when a purchase agreement includes an 'earnest money' clause, the earnest money is intended to:
- A seller in Alaska has accepted an offer with a financing contingency. The buyer is unable to obtain financing. Under most Alaska purchase agreements, the buyer may:
- In Alaska, the Statute of Frauds requires real estate purchase agreements to be in writing because:
- Which of the following would make an Alaska real estate contract unenforceable due to the Statute of Frauds?
- Which of the following contract terms means the seller agrees to carry the financing for the buyer?
- A bilateral contract in Alaska real estate is one where:
- A contingency in a purchase agreement allows:
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