Contracts
What is 'specific performance' as a remedy in a Pennsylvania real estate contract dispute?
AA performance bonus paid to the agent when a transaction closes quickly
BA court order requiring the breaching party to perform their contractual obligation (complete the sale), available when money damages are inadequate✓ Correct
CA Pennsylvania law requiring sellers to make all agreed repairs before closing
DA PREC enforcement action requiring a licensee to complete required continuing education
Explanation
Specific performance is an equitable remedy where a court orders the breaching party to actually perform the contract — to complete the real estate sale. Courts award specific performance in real estate disputes because each parcel of land is considered unique and money damages may be inadequate.
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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.
State-Specific Concepts
Continuing Education
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