In West Virginia, specific performance is a remedy that:
Correct Answer
B) Forces the breaching party to complete the contract
Specific performance is an equitable remedy where a court orders the breaching party to fulfill the contract's terms. It is commonly used in real estate because each property is unique and monetary damages may not adequately compensate the injured party.
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Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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.
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