ContractsAdvancedNorth Carolina Exam

Under NC law, which of the following is NOT a remedy for breach of a real estate purchase contract?

ASpecific performance

BSimply money damages, a remedy that is actually available for breach rather than the excluded item being asked about

CRescission and return of deposits

DImprisonment of the breaching partyCorrect

Why Imprisonment of the breaching party Is Correct

Answer D: Imprisonment of the breaching party

Civil remedies for breach of contract include specific performance, money damages, and rescission. Imprisonment is not a civil contract remedy.

Exam Tip: Contracts

Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.

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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.

Contingency

A condition in a purchase contract that must be satisfied before the sale can proceed to closing.

Purchase Agreement

A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.

Option Contract

A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.

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