Contracts
In NJ, the doctrine of 'specific performance' in a real estate contract means:
AThe breaching party must pay double damages
BA court may order the breaching party to complete the real estate transaction as agreed✓ Correct
CThe attorney review period is waived
DPerformance bonds are required
Explanation
Because real estate is considered unique, courts may order specific performance—compelling the breaching seller to transfer title or the breaching buyer to complete the purchase—as a remedy for breach of contract.
Related New Jersey Contracts Questions
- Under NJ consumer protection law, a NJ licensee who engages in 'bait and switch' advertising (advertising one property to attract buyers then redirecting to different properties) is violating:
- In NJ, when a seller breaches a purchase contract by refusing to convey, the buyer may elect which remedy INSTEAD of specific performance?
- An 'offer to purchase' in NJ becomes a contract when:
- Under NJ law, the time limit for a seller to sign and communicate acceptance of a buyer's offer to create a binding contract is:
- In NJ, a 'notice of breach' in a real estate contract formally:
- A NJ seller who receives a backup offer while under contract with a primary buyer may:
- A NJ condominium purchase contract typically includes a provision that the closing is contingent upon the buyer receiving:
- In NJ, a 'net sheet' provided by a broker to a seller is:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →