Specific performance is a legal remedy that a South Dakota court may order to:
Correct Answer
B) Compel a party to complete the terms of the contract
Specific performance is an equitable remedy where the court orders the breaching party to fulfill their contractual obligations. It is commonly used in real estate because each property is considered unique and monetary damages may not adequately compensate the injured party.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
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.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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