The remedy for breach of a real estate contract that requires that the defaulting party perform its obligations under the contract is known as:
A) liquidated damages.
B) specific performance.
C) rescission.
D) time is of the essence.

Question

Quizplus · Accepted Answer

Specific performance is a remedy for breach of a real estate contract that requires the defaulting party to perform its obligations under the contract. This means that the court can order the party to carry out the terms of the agreement as originally planned. This is often the preferred remedy in real estate contracts because every property is unique and cannot easily be replaced with another.

The Remedy for Breach of a Real Estate Contract That