Contracts
A Kentucky seller breaches a purchase contract by refusing to sell. The buyer may seek:
AOnly return of the earnest money
BSpecific performance, damages, or rescission with earnest money returned✓ Correct
CA KREC-mediated settlement only
DOnly compensatory damages for moving expenses
Explanation
If a seller breaches, the buyer may pursue specific performance (court-ordered completion of the sale), compensatory damages, or rescission of the contract with return of the earnest money.
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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.
Math Concepts
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