In Arizona, which of the following is NOT a typical remedy available to a buyer when a seller breaches a real estate purchase contract?
Correct Answer
C) Automatic transfer of title without payment
Automatic transfer of title without payment is not a legal remedy available to buyers in Arizona - this would essentially be theft. Option A is incorrect because specific performance is a valid remedy when monetary damages are inadequate. Option B is incorrect because buyers can recover earnest money and pursue actual damages. Option D is incorrect because rescission and restitution are standard contract remedies.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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