Ontario Real Estate Licensing Exam Practice · Question
What is 'specific performance' as a remedy for a breach of an Agreement of Purchase and Sale?
Specific performance is an equitable remedy available in breach of contract cases, particularly in real estate, where the court orders the defaulting party to p
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Question: What is 'specific performance' as a remedy for a breach of an Agreement of Purchase and Sale?
Answer options: ✅ A court order compelling the defaulting party to complete the transaction as per the contract's terms.
- Monetary compensation awarded to the non-defaulting party for losses incurred.
- A penalty clause that allows the seller to keep the buyer's deposit.
- The non-defaulting party's right to terminate the contract and pursue damages.
Correct answer: A court order compelling the defaulting party to complete the transaction as per the contract's terms.
Explanation: Specific performance is an equitable remedy available in breach of contract cases, particularly in real estate, where the court orders the defaulting party to perform their obligations under the contract rather than merely paying damages. This is often sought when monetary damages are insufficient to compensate for the unique nature of real property.
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