ContractsMEDIUM
In Illinois, if a buyer defaults on a contract, the seller may typically:
Correct Answer
B) Retain the earnest money as liquidated damages
In Illinois, if a buyer defaults, the seller may typically retain the earnest money as liquidated damages, as specified in most standard contracts.
Answer Options
A
Only sue for specific performanceB
Retain the earnest money as liquidated damagesC
Force the buyer to complete the purchaseD
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Related Topics & Key Terms
Related Topics:
liquidated-damagesearnest-money-depositscontract-remediesseller-rights
Key Terms:
liquidated damagesearnest moneybuyer defaultIllinois contract lawspecific performance
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