Contracts
Specific performance as a legal remedy in real estate means the court:
AAwards money damages to the injured party
BOrders the breaching party to carry out the terms of the contract✓ Correct
CCancels the contract and returns all parties to their original positions
DImposes a fine on the broker for failing to close
Explanation
Specific performance is an equitable remedy where the court compels the breaching party to perform their contractual obligations, often sought by buyers when a seller refuses to close.
Related New Jersey Contracts Questions
- In NJ, a 'side agreement' (also called a 'side letter') in a real estate transaction that is not disclosed to the lender could constitute:
- If no attorney review notice is sent within the 3-business-day period in New Jersey, the contract:
- A buyer signs a contract to purchase a home but later discovers the seller misrepresented material facts. The buyer may elect to:
- A bilateral contract involves:
- A New Jersey purchase contract specifies that the sale is contingent on the buyer obtaining a mortgage at a rate not to exceed 7%. If the buyer qualifies only for a loan at 7.5%, the buyer may:
- Which of the following is an essential element of a valid real estate contract in New Jersey?
- In a New Jersey real estate transaction, who typically receives a copy of the fully executed purchase contract?
- An option contract in real estate gives the optionee the:
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 →