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In New Jersey, which equitable remedy allows a buyer to compel a seller who has breached a real estate contract to actually convey the property as agreed?

Correct Answer

C) Specific performance ordered by the court

Specific performance is the equitable remedy by which a court orders the breaching party — in this case the seller — to fulfill the terms of the contract and convey the property. New Jersey courts recognize that real property is unique and therefore money damages may be inadequate, making specific performance an appropriate remedy for breach of a real estate contract. The buyer must seek this remedy through the New Jersey court system.

Answer Options
A
Rescission of the purchase contract
B
Liquidated damages from the seller
C
Specific performance ordered by the court
D
Compensatory damages awarded by the court

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Related Topics & Key Terms

Key Terms:

specific_performanceseller_breachequitable_remedybreach_remedies

Related Concepts

A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.

Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.

The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.

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