Contracts
Specific performance is a legal remedy in real estate contracts that means:
AThe breaching party must pay monetary damages
BThe court orders the breaching party to fulfill the exact terms of the contract✓ Correct
CThe contract is declared null and void
DThe earnest money is forfeited
Explanation
Specific performance is an equitable remedy available in real estate cases where the court orders the breaching party to carry out the terms of the contract. Because real property is unique, courts often grant specific performance in real estate disputes.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Math Concepts
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