Contracts
A Rhode Island seller breaches a purchase contract by refusing to sell. What remedy is available to the buyer?
AOnly recovery of the earnest money
BSpecific performance compelling the seller to sell, or money damages, or both✓ Correct
CCriminal prosecution of the seller
DThe right to take possession of the property without further legal action
Explanation
When a seller breaches a real estate contract, the buyer may seek specific performance (court-ordered sale) or money damages for losses suffered. Because real property is considered unique, courts commonly grant specific performance in real estate breach cases.
People Also Study
Related Rhode Island Questions
- A 'contingency for sale of buyer's property' in a Rhode Island purchase contract means:Contracts
- Which of the following best describes 'specific performance' as a remedy in a Rhode Island real estate contract dispute?Contracts
- What is a 'home sale contingency' in a Rhode Island purchase contract?Contracts
- What is 'contract of adhesion' and could a Rhode Island standard form purchase agreement be considered one?Contracts
- What is a 'purchase money mortgage' in Rhode Island?Finance
- What is a 'binder' in Rhode Island real estate and how does it differ from a purchase and sale agreement?Escrow & Title
- What is a 'purchase money second mortgage' in Rhode Island seller financing?Finance
- A Rhode Island salesperson's license is considered inactive when:Rhode Island License Law
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.
Math Concepts
Study This Topic
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →