A Minnesota seller, Patricia, signed a purchase agreement to sell her home to Kevin for $320,000. The agreement was prepared using the Minnesota standard purchase agreement form. Before closing, Patricia received a higher offer of $345,000 from another buyer and refused to complete the sale to Kevin. Kevin had fully performed all of his obligations under the contract. Which remedy would most directly allow Kevin to obtain the property he contracted to purchase?
Correct Answer
B) Kevin may seek specific performance to compel Patricia to complete the sale at the agreed price of $320,000
Specific performance is the remedy that would directly allow Kevin to obtain the specific property he contracted to purchase. Because real property is legally unique, a court may order Patricia to complete the conveyance at the agreed price of $320,000. Kevin has fully performed his obligations, making specific performance an appropriate equitable remedy under Minnesota law.
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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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