What is specific performance in law

What do you mean by specific performance of contract?

Specific performance means fulfilling a promise made under a contract as agreed. A suit for specific performance can be filed by any party, in a court of competent jurisdiction, who has suffered loss due to non-performance of contract on part of the other party to the contract.

What is an action for specific performance?

Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. … Specific performance is commonly used in the form of injunctive relief concerning confidential information or real property.

What is specific performance and when will it be granted?

Specific performance is a specialized remedy used by courts when no other remedy (such as money) will adequately compensate the other party. If a legal remedy will put the injured party in the position he or she would have enjoyed had the contract been fully performed, then the court will use that option instead.

What are the elements of specific performance?

Elements Of A Specific Performance Cause Of Action

  • The making of a specifically enforceable type of contract, sufficiently certain in its terms.
  • Adequate consideration, and a just and reasonable contract.
  • Plaintiff’s performance, tender, or excuse for nonperformance.
  • Defendant’s breach.
  • Inadequacy of the remedy at law.

How do you enforce specific performance?

Specific Performance asks the court to force the opposing party into a contract that binds them to actually perform the contract at issue, rather than award damages for breach of contract. In real estate litigation, a buyer can force a reluctant seller to live up to the purchase and sale agreement. 2.

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What is the purpose of rescission?

Rescission is the process of unmaking a contract. The goal of contract rescission is to put the two parties into the original positions they were in before making the contract. Rescission requires that the whole contract be unmade. It is not possible to pick and choose which parts of a contract to cancel.

Is specific performance a cause of action?

Specific performance is an alternative equitable remedy to a cause of action for breach of contract. … For example – where a contract is for purchase of real estate, an action for specific performance asks the court to order the defendant to sell the property to the plaintiff on the terms stated in the contract.

What is part performance?

An equitable doctrine which allows a person who has partly performed an oral contract to have it specifically performed or to sue for damages even though legislation would usually render the contract unenforceable unless evidenced by writing.

What is the difference between injunction and specific performance?

Specific performance is a remedy that orders the breaching party to comply with the terms of the contract. An injunction is a remedy that prohibits a party from a particular act. … The main difference is that specific performance orders a party to do something, and an injunction orders a party not to do something.

What are damages awarded?

At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss.

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How do you win a specific performance lawsuit?

However, to win a specific performance lawsuit the buyer`s sales contract must be exact enough for the court to order its performance. To prevent the seller from selling the property to another buyer, most specific performance lawsuits also involve recording a lis pendens against the home`s title.

What is a remedy in law?

Meaning of legal remedy in English

a way of using the legal system to make sure that someone’s rights are not taken away from them: We will pursue all legal remedies available to enforce our rights. … What is the pronunciation of legal remedy?

What would trigger specific performance?

When May a Court Order Specific Performance? Specific performance is only ordered when money damages are an insufficient remedy for the party’s failure to perform a contract. Thus, specific performance orders are usually for unique items such as real estate, antiques, heirlooms and artworks.

What is specific performance in equity?

Specific performance: general nature

A decree of specific performance is one of the most important equitable remedies. It is a court order directed to someone who is party to a contract to instruct them to perform their obligations under the contract. Refusal to observe the terms of the order is a contempt of court.

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