ContractsPregunta 61 de 100
Specific performance is a legal remedy in which a court orders:
a.Payment of monetary damages only
b.The broker to refund the commission
c.The immediate cancellation of the contract
d.A defaulting party to carry out the contract as agreed
Explicación
Specific performance compels a defaulting party to actually perform the contract, such as conveying the unique property as promised. It is available because each parcel of real estate is considered unique, so money alone may not suffice. A buyer often seeks it when a seller refuses to close.
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Preguntas relacionadas de este tema
- A listing agreement in which the broker earns a commission regardless of who sells the property, even the owner, is a(n):
- In an exclusive agency listing, the seller may avoid paying the broker's commission if:
- A net listing, which is discouraged or restricted in many states, is one where the broker's commission is:
- The cancellation of a contract that returns the parties to their positions before it was formed is called:
- In many New York residential transactions, attorneys review and negotiate the contract of sale before it becomes binding during a period informally called:
- A void contract is one that:
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