Specific performance is an equitable remedy in contract law disputes that requires the person attempting to breach a contract to fulfill their obligations. It is used when monetary damages are not enough to compensate for the violation, and is available in the US and other common law countries. Courts enforce contracts by awarding monetary damages, but specific performance ensures fairness by making things right.
The specific performance is an equitable remedy in a contract law dispute. When the judge awards a specific performance, the person attempting to breach a contract is barred and the contract is performed by the judge, who ensures that both parties fulfill the obligations described in the contract. The specific performance remedy exists in the United States and a number of other countries that operate on a common law system of enforcing the law of contacts.
In the United States and most other countries, contracts are legally binding and courts will enforce promises made in valid legal contracts. Traditionally, courts enforce contracts by awarding monetary damages for breach. This means that if one party fails to deliver on promises made in a contract it has signed, that party is obligated to pay money to the other party to compensate for the other party’s losses.
Specific performance, on the other hand, is a different remedy for breach of contract. It has its roots in the English laws of equity or courts of equity. In fairness courts, a decision is made on the basis of what is right or just or “knowledge” of the matter, not just on the basis of the law. Equitable remedies are different from monetary damages.
Specific performance is an equitable remedy because it is directed specifically to making things right. Remedy is appropriate when a person’s damages could not be adequately compensated with money alone. In other words, if the money would not put a person in the same situation that they would have been in but for the breach of contract, an equitable remedy is appropriate.
In situations where money cannot compensate for the violation, a specific benefit is commonly awarded. For example, if a person enters into a contract with another person to purchase a specific and very rare item, no amount of money could compensate for the breach of that contract because the person seeking to purchase the very rare item would not he might necessarily be able to find another version of that item to buy for any amount of money.
Under the equitable remedy of specified performance, the person who promised to sell and reneged on his word would be compelled to sell the item as he promised to do in the contract. This would have been the proper and fair remedy since he promised to do it and the other party was counting on that promise. The judge or jury in contract cases has the power to award specified performance – or any other equitable remedy – in appropriate circumstances when requested by the plaintiff.
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