What does a court order of specific performance require in a real estate contract dispute?
Correct Answer
B) Forces the breaching party to complete the contract
Specific performance is a court-ordered remedy that compels the breaching party to fulfill the terms of the contract. It is commonly sought in real estate disputes because each parcel of land is considered unique, making monetary damages an inadequate substitute.
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Related Topics & Key Terms
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Related Concepts
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.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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