What is specific performance remedy?
What is specific performance remedy?
A contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm. Most commonly ordered in cases involving real property and rare chattels.
What are the 3 remedies at law?
Monetary awards (called “damages”), specific performance, and restitution are the three principle remedies.
When can you sue for specific performance?
Specific performance is a remedy that is sometimes pleaded in the alternative to damages: the plaintiff says that the defendant breached a contract, and specific performance would require the defendant to perform the contract.
Is specific performance a legal remedy?
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.
Is specific performance a remedy?
Conclusion. In summary, specific performance is an equitable remedy that is available when a party to a sales contract for real property is harmed by the other party’s nonperformance.
What is the most common legal remedy?
Compensatory Damages
1. Compensatory Damages. An award of compensatory damages is the most common of the legal remedies for breach of contract. The calculation of compensatory damages is based on the actual losses you have sustained as a result of the breach of contract.
What are the six main remedies for breach of contract?
Types of Remedies for Breach of Contract
- Compensatory Damages. An award of compensatory damages is the most common of the legal remedies for breach of contract.
- Specific Performance.
- Injunction.
- Rescission.
- Liquidated Damages.
- Nominal Damages.
Can I be sued for specific performance?
While sellers can sue for specific performance against a buyer over a failure to perform on a real estate contract, the remedy is rarely applicable and even more rarely sought. The seller is then free to market the property and enter into a contract with a new buyer.
How do you plead specific performance?
A complaint for specific performance must allege: (a) the making of a specifically enforceable type of contract, sufficiently certain in its terms; (b) adequate consideration, and a just and reasonable contract; (c) plaintiff’s performance, tender or excuse for nonperformance of the contract; (d) defendant’s breach of …
What is the equitable remedy of specific performance?
Everything You Need to Know Types of Remedies. Parties must enter legal contracts in good faith. Equitable Remedy. Instead of imposing a fine, equitable remedy is when the court orders the defendant to complete a contract as originally agreed. Specific Performance. Contract Rescission and Reformation. Total Nonperformance by Breaching Party.
Can I sue for specific performance?
When you sue for breach of contract, you can generally sue for money compensation. However, in some circumstances you can sue for “specific performance,” which means the judge orders the seller to actually go through with the contract and transfer the property to you.
What is specific performance law?
specific performance. n. (Law) law a remedy awarded by a court requiring a person to fulfil obligations under a contract where damages are an insufficient remedy.
What is a performance remedy?
Specific performance is an equitable remedy because it is directed specifically at making things fair. The remedy is appropriate when a person’s damages could not be adequately compensated by money alone.