Final answer:
Hodges could be entitled to specific performance to enforce the sale of the building or monetary damages due to Kaye's refusal to close the sale. The damages could include several types of compensation such as benefit of the bargain, consequential, and possibly punitive damages, along with recovery of any advances and incurred expenses.
Step-by-step explanation:
If Hodges sued Kaye for refusing to close the sale of a building after a contract was signed for $310,000, Hodges could be entitled to specific performance, which is a legal remedy in contract disputes. This would require Kaye to go through with the sale as per the terms of the contract. Alternatively, if specific performance isn't appropriate or possible, Hodges may seek monetary damages which could include the benefit of the bargain damages - the difference between the contracted price and the current market value of the property if the latter is higher, consequential damages if any, and possibly punitive damages if Kaye's refusal to sell was in bad faith or constituted egregious conduct.
Moreover, Hodges may also be entitled to recover any deposit or other monies paid towards the purchase, along with any incidental expenses incurred due to the breach of contract, such as costs related to the intended sale closure. In some cases, the court may also award interest on these amounts from the date of the breach.