Contracts
In Hawaii, what is 'substantial performance' in the context of real estate contracts?
AA. Performing 50% of contractual obligations
BB. Completing the essential elements of the contract, even if minor deviations exist, entitling the performing party to payment less any damages for the minor breach✓ Correct
CC. The buyer's confirmation that they are satisfied with the property
DD. Completion of all contract terms with no exceptions
Explanation
Substantial performance allows a party who has completed the essential elements of a contract (with only minor deficiencies) to enforce the contract and receive payment, less any offset for the incomplete portions.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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