Specific performance as a remedy for breach of a real estate contract means that:
Correct Answer
B) A court orders the breaching party to complete the transaction as agreed
Specific performance is an equitable remedy in which a court orders the breaching party to fulfill the exact terms of the contract rather than simply paying monetary damages. It is a common remedy sought in real estate disputes because each parcel of land is considered legally unique, making monetary compensation potentially inadequate. In Rhode Island, either the buyer or the seller may petition a court for specific performance when the other party fails to complete the transaction as contractually agreed.
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Related Topics & Key Terms
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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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