Specific performance as a remedy for breach of a real estate contract requires the breaching party to:
Correct Answer
B) Complete the transaction as originally agreed upon
Specific performance is a court-ordered equitable remedy that compels the breaching party to fulfill the exact terms of the contract. It is commonly sought in real estate transactions because each parcel of land is considered unique, making monetary damages an inadequate substitute. Montana courts may grant specific performance when the legal remedy of damages is insufficient.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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.
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