Contracts
In Idaho, what is 'specific performance' as a remedy in a real estate contract dispute?
AThe court orders the breaching party to pay money damages
BThe court orders the breaching party to fulfill the terms of the contract (complete the sale)✓ Correct
CThe contract is automatically void
DIREC forces the licensee to complete the transaction
Explanation
Specific performance is a court-ordered remedy requiring the breaching party to fulfill the exact terms of the contract. Because real estate is unique, buyers or sellers may seek specific performance rather than just money damages.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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