Remedies for Breach of a Purchase and Sale Agreement: State Law Comparison Tool Report

Summary

This practice note contains a report generated by the Practical Guidance State Law Comparison Tool showing whether state law allows for liquidated damages or specific performance as a remedy for breach of a purchase and sale agreement. Liquidated damages are damages agreed upon by the parties at the time of contract and before any breach has occurred; in the real estate context, liquidated damages often take the form of a forfeited deposit. Specific performance, on the other hand, forces the breaching party to meet its obligations under the contract and complete the purchase and sale.