Final answer:
Franklin's act of offering to perform all obligations in a purchase contract is considered specific performance.
Step-by-step explanation:
When Franklin offered to perform all of the obligations in a purchase contract, this act is considered specific performance. Specific performance is a legal remedy in contract law where a party is ordered by a court to fulfill their contractual obligations as promised, rather than paying damages for breach of contract.
By offering to perform all obligations in the purchase contract, Franklin is demonstrating his willingness to fulfill the agreement exactly as stated, which can be enforced through a court order if necessary.