Contracts
A Rhode Island seller refuses to convey the property after the buyer has performed all obligations. What remedies does the buyer have?
AOnly the return of earnest money
BSpecific performance (forcing the sale), money damages, or both✓ Correct
CThe right to move into the property immediately
DOnly an arbitration claim
Explanation
When a seller breaches by refusing to close, the buyer may seek specific performance compelling the sale, money damages for losses suffered, or both. Courts commonly grant specific performance for real property because it is considered unique.
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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.
Math Concepts
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