Under Illinois law, which statement about specific performance as a remedy in a residential real estate contract dispute is NOT correct?
Correct Answer
B) Specific performance automatically applies in every case where the buyer paid earnest money.
Option B is NOT correct under Illinois law. Specific performance is never automatic. It is an equitable remedy granted at the court's discretion, and payment of earnest money alone does not entitle a party to specific performance. Illinois courts evaluate whether monetary damages are inadequate and whether granting the remedy is equitable under the circumstances before ordering a party to complete a real estate transaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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