Erma enters into a contract to buy a tract of lakefront property from Forest Acres to build and sell a residential development. Forest Acres fails to close the sale. Erma's remedy is most likely
A)the amount that Erma invested in the project to the date of the closing.
B)nothing-Forest Acres still owns the land.
C)the difference between the contract and market prices of the land.
D)specific performance.

Question

Quizplus · Accepted Answer

Specific performance is a legal remedy that compels a party to execute a contract according to the precise terms agreed upon or to perform it to the extent that it is possible. It is often used in the sale of real estate transactions where the property is unique and monetary damages are insufficient to remedy the harm caused by the breach of contract. In this case, since real estate is considered unique, Erma can seek a court order for Forest Acres to complete the sale as per the contract terms.

Erma Enters into a Contract to Buy a Tract of Lakefront