In Virginia, which legal remedy allows a non-breaching party to ask a court to compel the breaching party to actually perform their obligations under a real estate purchase contract?
Correct Answer
C) Specific performance
Specific performance is the equitable remedy by which a court orders the breaching party to fulfill the exact terms of the contract. Because real property is considered unique under Virginia law, courts may grant specific performance in real estate disputes, compelling a seller to convey title or a buyer to complete a purchase rather than simply awarding money damages.
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Related Topics & Key Terms
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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