Specific performance as a remedy in a Kentucky real estate contract breach means:
Correct Answer
B) A court orders the breaching party to complete the transaction as agreed
Specific performance is an equitable remedy where a court compels the breaching party to fulfill their contractual obligations. It is particularly applicable to real estate because each property is considered unique.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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