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ContractsRemedies_for_breachMEDIUM

Specific performance in Kansas real estate:

Correct Answer

B) Allows a court to compel the breaching party to complete the transaction because each property is unique

Specific performance is available as a remedy because each property is unique and monetary damages may be inadequate.

Answer Options
A
Is not available
B
Allows a court to compel the breaching party to complete the transaction because each property is unique
C
Only applies to commercial
D
Requires KREC approval

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Related Topics & Key Terms

Related Topics:

breach of contractequitable remediesearnest money forfeitureliquidated damagescontract enforceability

Key Terms:

specific performanceequitable remedyunique propertybreach of contractKansas courts

Related Concepts

Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.

An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.

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.

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