Which statement best describes Florida's rule on mediation/arbitration/default provisions?
Correct Answer
D) Whether the buyer or seller may seek specific performance or liquidated damages depends on the remedy language in the contract used by the parties.
Whether the buyer or seller may seek specific performance or liquidated damages depends on the remedy language in the contract used by the parties. This follows Current Florida residential contract practice; Florida contract-law principles; FREC Real Estate Law Book.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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- → A buyer signs a Florida purchase contract for a condo and learns during the inspection period about a special assessment of $10,000. The seller knew but didn't disclose this. What are the buyer's rights?
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- → In Florida real estate contracts, what legal principle requires that both parties exchange something of value?
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