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ContractsRemedies_for_breachMEDIUM

Which remedy, if granted by a court, would require a seller to complete the sale of a property as agreed in the contract?

Correct Answer

B) Specific performance

Specific performance is a court-ordered remedy that compels a party to fulfill the terms of a contract. Because real estate is considered unique, Oklahoma courts may grant specific performance in real estate disputes, requiring the seller to complete the transaction rather than simply paying monetary damages.

Answer Options
A
Compensatory damages
B
Specific performance
C
Contract rescission
D
Price reduction

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Background Knowledge for Contracts

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Related Topics & Key Terms

Related Topics:

breach-of-contractequitable-remediescompensatory-damagesrescissionliquidated-damagesearnest-money

Key Terms:

specific performanceequitable remedybreach of contractunique propertycompel performance

Related Concepts

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.

Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.

Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.

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