Under Arizona law, which of the following would NOT typically prevent a buyer from obtaining specific performance against a seller?
Correct Answer
D) The buyer's financing fell through due to market conditions
Financing falling through due to market conditions would not prevent specific performance if the buyer can now perform - courts focus on current ability to perform. Option A is incorrect because adequate legal remedies do prevent specific performance. Option B is incorrect because non-unique property typically prevents specific performance. Option C is incorrect because a buyer in breach cannot seek equitable remedies.
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Related Topics & Key Terms
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Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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