Wisconsin Real Estate Sales Practice Exam

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What are the buyer's remedies against a seller that has breached a contract?

Negotiate a new contract
Specific performance, recission, sue for damages
File a complaint with the board
All of the above

The correct answer is: Specific performance, recission, sue for damages

The correct answer focuses on the appropriate legal remedies available to a buyer when a seller breaches a contract. Specific performance is a remedy where the buyer can compel the seller to fulfill their obligations as set out in the contract, particularly in cases involving unique properties where monetary damages would not suffice. Recission allows the buyer to cancel the contract and be restored to their original position before the agreement was made, effectively nullifying the obligations of both parties. Suing for damages gives the buyer the option to seek financial compensation for losses incurred due to the breach. Negotiating a new contract could be a choice, but it is not a legal remedy for a breach; rather, it's an alternative course of action that may not address the immediate issue of the original contract being breached. Filing a complaint with a regulatory board may also be a potential action, but it does not directly resolve the buyer's rights and remedies concerning the specific breach of contract. Thus, the legal remedies specified in the correct answer—specific performance, recission, and suing for damages—are unequivocally the standard remedies a buyer can pursue in the event of a seller's breach of contract.