Final answer:
Specific performance is based on the concept that each parcel of land is unique, and it enforces a buyer's right to acquire the property as agreed upon in a real estate contract.
Step-by-step explanation:
The statement "I. It is based on the concept that each parcel of land is unique" is indeed true regarding the contract remedy of specific performance as applied to real estate contracts. Specific performance is a legal remedy that involves a court compelling a party to fulfill specific contractual obligations. In real estate contracts, this remedy is particularly relevant because each parcel of land is considered unique. Unlike other types of property, land has distinctive characteristics that make it inherently different from any other parcel.
Therefore, monetary damages may not adequately compensate a party for the loss of a unique property. By ordering specific performance, the court ensures that the aggrieved party receives the specific property they contracted for, recognizing the uniqueness of real estate and the inadequacy of monetary compensation in certain situations.