A seller in Scottsdale refuses to close on a unique historic property after receiving a higher offer from another buyer. The original buyer wants to force the sale rather than accept monetary damages. What legal action should the buyer pursue under Arizona law?
Correct Answer
C) Pursue specific performance of the contract
Specific performance is the appropriate remedy when the subject matter is unique (like historic property) and monetary damages would be inadequate. Option A is incorrect because the buyer specifically wants to force the sale, not just damages. Option B is incorrect because an injunction alone wouldn't compel the sale. Option D is incorrect because this is a civil contract breach, not criminal fraud.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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