For which situation would a specific performance remedy be sought?

A specific performance remedy is a legal action that requires a party to perform their obligations under a contract, rather than just compensating the other party with monetary damages. This remedy is typically sought in situations involving unique properties or goods where monetary compensation would not suffice.

When a seller defaults on a contract, the buyer may seek specific performance to compel the seller to fulfill their obligations as outlined in the purchase agreement. This situation is particularly relevant in real estate transactions, where each property is unique and has inherent value beyond what can be expressed in monetary terms. If the buyer cannot obtain the same terms or property elsewhere, specific performance becomes an appropriate legal remedy.

In other scenarios, such as a breach of a verbal agreement, renegotiating a lease, or a loan denial, specific performance is generally not an applicable remedy. These situations either involve different types of contractual relationships or do not present the unique circumstances that warrant a court action demanding performance rather than financial compensation.