Under Virginia law, all of the following are recognized remedies available to a non-breaching party in a real estate contract dispute EXCEPT:
Correct Answer
D) Automatic forfeiture of the breaching party's real estate license
Automatic forfeiture of a real estate license is NOT a civil remedy available to a non-breaching party in a contract dispute. License revocation or suspension is a regulatory/disciplinary action taken by VREB against a licensee for violations of Virginia license law — it is not a remedy that a private party can obtain through contract litigation. The non-breaching party's civil remedies are specific performance, rescission with restitution, and compensatory damages.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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