Contracts
What does 'specific performance' mean as a remedy in an Oregon real estate contract?
AThe breaching party must pay double the earnest money
BA court orders the breaching party to perform the exact terms of the contract✓ Correct
CThe non-breaching party receives the property at a discount
DThe contract is automatically voided
Explanation
Specific performance is an equitable remedy available in Oregon when monetary damages are inadequate — as is often the case in real estate (each property is unique). A court can order the breaching party to complete the sale or purchase as originally agreed.
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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.
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