What do you mean by specific performance?

What do you mean by specific performance?

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 example of specific performance in law?

A specific performance example is when a party defaults on its contractual obligation and is ordered by the court to fulfill said obligations. An alternative to the much more common award of monetary damages, specific performance is an injunction on a contract dispute often involving sensitive material or real estate.

What does it mean to be sued 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. Later, the court of equity developed the remedy of specific performance instead, should damages prove inadequate.

What is specific performance in land law?

A decree by the court to compel a party to perform its contractual obligations. Unlike damages which are available as of right, specific performance is granted at the court’s discretion.

What is specific performance law teacher?

In other word, specific performance means that when one of the parties had breach the contract, the another parties can request the court related to force the parties that had breach the contract to perform the term and condition that is stated in the contract.

What are the elements of specific performance?

Succinctly, specific performance is available when there exists: 1) a valid and binding contract; 2) definite and certain terms; 3) mutuality of obligation and remedy; 4) freedom from fraud and overreaching; and 5) lack of remedy at law. Shreeve, 65 Ariz.

What is specific performance example?

Specific Performance: Overview When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser’s situation. Example: Rina offers to buy Beth’s house and Beth accepts, but later decides to keep the property. Beth would be compelled to go through with the sale.

When can you get specific performance?

Specific performance is typically awarded when money cannot adequately compensate the injured party and when the contractual obligation is unique or difficult to value.

Can buyer sue seller for backing out?

A home seller who backs out of a purchase contract can be sued for breach of contract. “The buyer could sue for damages, but usually, they sue for the property,” Schorr says. A seller often has to pay the buyer’s legal fees, as well as his own, says Schorr. “That could be a harsh penalty.”

Can seller sue buyer specific performance?

When a buyer defaults, a seller has the option to sue for specific performance. This is an equitable remedy and an alternative to collecting monetary damages. It is a claim that is pursued through litigation, and if it is granted, a court will order a buyer to go to closing on a home.

Is specific performance fair?

Introduction. Specific performance is an equitable remedy that can be awarded for breach of contract, requiring the party to perform their obligations under the contract. The general principle is that specific performance will only be awarded where damages would not offer a suitable remedy to the claimant.

What is the purpose of specific performance?

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 is “specific performance” as a legal remedy?

Specific performance is an equitable remedy to a contract law dispute. When the court awards specific performance, the person who is attempting to breach a contract is forbidden from doing so and the contract is enforced by the court, who makes sure both parties carry out the obligations described in the contract.

What is specific performance as a legal claim?

Specific performance is a primary remedy for breach of contract available for the aggrieved party. This order emphasises the performance of contractual obligations. Although the plaintiff can elect to claim specific performance from the defendant, the court has a discretion to grant or decline the order of specific performance.

What are the characteristics of effective law?

Another characteristic of an effective law is that it is enforceable. This means that if the law is broken, there is a reasonably high likelihood that the offender will be caught and punished. For example, fewer drivers are likely to cross an intersection on a red traffic light, as there is a high chance of being caught by a red-light camera.

What is real estate specific performance?

Real Estate Specific Performance Buyer’s Remedy of Specific Performance. Specific performance is a form of relief requiring the party who breached or defaulted on the contract to fulfill the terms of the contract. Seller’s Remedy of Specific Performance. We Have Other Tools That Might Result in a Positive Resolution. Good, Sound Advice. Anxious?