Contracts
What is 'specific performance' as a remedy in Idaho real estate contract disputes?
AA monetary award for breach of contract
BA court order requiring the breaching party to fulfill their contractual obligations✓ Correct
CCancellation of the contract with mutual release
DArbitration of the dispute
Explanation
Specific performance is an equitable remedy available in Idaho when a party breaches a real estate contract. Because real property is considered unique, courts may order the breaching party to actually complete the sale rather than simply pay damages.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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