ContractsQuestion 61 of 120
A legal remedy in which a court orders a defaulting seller to actually convey the property as agreed is:
a.Rescission
b.Liquidated damages
c.Specific performance
d.Novation
Explanation
Specific performance compels a party to perform the contract as promised, and it is available in real estate because each parcel is considered unique. A court may order the seller to deliver the deed rather than merely pay money.
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Related questions on this topic
- 'Time is of the essence' in a contract means:
- Substituting a new contract for an existing one, or replacing a party with a new party by agreement, is known as:
- If a buyer defaults, a contract clause that pre-sets the seller's damages (often the earnest money) is called a:
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- An 'as-is' clause in a purchase contract generally means the buyer agrees to:
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