Contracts
What is 'specific performance' as a remedy in a Hawaii land sale contract and when might a buyer seek it?
AA. A buyer's right to demand the seller perform specific repairs before closing
BB. A court-ordered remedy compelling the seller to complete the real property sale as contracted; appropriate when the property is unique and money damages are insufficient✓ Correct
CC. The seller's right to require the buyer to close on the originally agreed date
DD. A clause requiring both parties to perform specific inspections before closing
Explanation
Specific performance is an equitable remedy where a court orders a party to fulfill their contractual obligations. In real estate, courts may order specific performance of a sales contract because real property is considered unique—no substitute property would fully compensate the buyer.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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