Contracts
Specific performance as a remedy for breach of a real estate contract means:
AThe breaching party pays monetary damages
BThe court orders the breaching party to complete the transaction as contracted✓ Correct
CThe contract is rescinded with earnest money returned
DThe non-breaching party sues for lost profits only
Explanation
Specific performance is an equitable remedy available in real estate contracts because each parcel is considered unique. A court may order the seller (or buyer) to complete the transaction as agreed rather than simply paying money damages.
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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.
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