Texas · Chapter 12 of 44
Contract Performance, Breach, and Remedies
Performance of contracts, breach, rescission, termination, liquidated damages, punitive damages, compensatory damages, Statute of Frauds, electronic signatures, and 'time is of the essence' clauses.
25-minute read · Built for the TREC Sales Agent Exam
breachrescissionterminationspecific performanceliquidated damagespunitive damagescompensatory damagesStatute of Fraudselectronic signaturestime is of the essence
Breach and Remedies
Remedies for breach of real estate contract: (1) SPECIFIC PERFORMANCE - court orders the breaching party to perform (typical for real estate because each property is unique). (2) DAMAGES - monetary compensation. (3) RESCISSION - contract is cancelled and parties return to pre-contract position. (4) LIQUIDATED DAMAGES - pre-agreed amount specified in contract.
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