Contracts
A Michigan buyer who defaults on a purchase agreement may face which of the following remedies from the seller?
ASuit for specific performance, retention of earnest money, or damages✓ Correct
BOnly retention of the earnest money deposit
COnly a suit for monetary damages
DAutomatic transfer of the buyer's credit score to collections
Explanation
A Michigan seller whose buyer defaults may pursue multiple remedies: (1) sue for specific performance to force the sale, (2) retain the earnest money as liquidated damages, or (3) sue for actual monetary damages.
Related Michigan Contracts Questions
- If a seller defaults on a Michigan land contract, the buyer's primary remedy is:
- A Michigan purchase agreement is 'executory' when:
- In Michigan, a 'good faith' deposit larger than typical (e.g., 5-10% of purchase price) may be used by buyers to:
- In Michigan, an 'offer to purchase' becomes a binding contract when:
- In Michigan, an agent who is asked to prepare a contract for a highly complex legal arrangement should:
- A Michigan land contract seller retains which type of title during the contract period?
- Under Michigan law, an offer to purchase real estate becomes a binding contract when:
- A Michigan purchase agreement contains an integration (merger) clause. This means:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →