A seller in Lowell, Massachusetts lists their property for $389,000. A buyer submits a written offer for $375,000. The seller counters at $382,000, which the buyer accepts in writing. Before closing, the seller refuses to proceed, claiming they changed their mind. The buyer sues for specific performance. Under Massachusetts law, which element is most critical to the buyer's claim for specific performance?
Correct Answer
A) That the contract was in writing, signed by both parties, and that real property is unique making monetary damages inadequate
Specific performance is an equitable remedy available in Massachusetts when a party breaches a real estate contract. The critical elements are: (1) a valid, enforceable written contract signed by the parties (satisfying the Statute of Frauds under MGL Chapter 259, Section 1); and (2) the unique nature of real property, which makes monetary damages an inadequate remedy. Because each parcel of real estate is considered unique, courts in Massachusetts regularly grant specific performance to buyers when sellers breach a valid purchase contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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.
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