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.

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 does specific performance mean?

Meaning of specific performance in English

an order given by a court stating that a contract for work must be carried out exactly as it was written, rather than someone receiving money instead: An order for specific performance was granted since payment of damages would not have been adequate.

Who may obtain specific performance?

1. Any party: Illustration: In a contract, there are two parties, A and B. Therefore, either of the parties can obtain specific performance of the contract. 2.

When can specific performance be enforced?

(1) Except as otherwise provided in this Act, specific performance of a contract shall, be enforced when the act agreed to be done is in the performance wholly or partly of a trust. (2) A contract made by a trustee in excess of his powers or in breach of trust cannot be specifically enforced.

When should you ask for specific performance?

The most common reason courts grant specific performance is that the subject of the contract is unique, when it's not merely a matter of money or where the true amount of damages is unclear. When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser's situation.

Can seller sue buyer for backing out?

It's possible for a seller to sue a buyer for backing out of a sale, but the instances of this actually happening are rare. Your purchase agreement may even state that the seller is limited to keeping the earnest money as damages if the buyer backs out, and that by signing they agree to not pursue other legal remedies.

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.

When the court may grant a decree for specific performance?

(3) The court may properly exercise discretion to decree specific performance in any case where the plaintiff has done substantial acts or suffered losses in consequence of a contract capable of specific performance.

When may the court pass an order of specific performance of contract and when it must refuse to do so?

26 it was held that to make a contract specifically enforceable, its terms must be fair and reasonable. If terms of the contract are not fair and reasonable then court may refuse to exercise discretion to grant a decree for specific performance.

When contracts can be and Cannot be specifically enforced?

Section 14 (c) : Contracts Involving Personal Qualification Cannot be Specifically Enforced. The following contracts cannot be specifically enforced, namely: "A contract which is so dependent on the personal qualifications of the parties that the court cannot enforce specific performance of its material terms."

Is specific performance an injunctive relief?

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 an action for specific performance and when will a plaintiff seek such an order from a court?

This is called 'Specific Performance'. Orders of specific performance are granted when damages are not an adequate remedy, and in some specific cases such as land sale.

When substituted performance of contract can be obtained?

Substituted performance of contracts means , where a contract is broken, the party who suffers would be entitled to get the contract performed by a third party or by his own agency and to recover expenses and costs, including compensation from the party who failed to perform his part of contract.

What is action for specific performance?

As the Supreme Court ascertained in this case, the action is essentially for specific performance - a personal action - over which the court a quo had jurisdiction, it was therefore erroneous for it to have treated the complaint as a real action which prescribes after 30 years under Article 1141 of the New Civil Code.

How do you enforce specific performance?

In order to enforce a contract, a party must have met his obligations under the contract to show a reason why his performance is excused. The defendant must have breached the agreement. The failure to convey the property will usually constitute a breach of the purchase and sale agreement.

Is specific performance a cause of action?

Specific performance is an alternative equitable remedy to a cause of action for breach of contract. ... The equitable remedy sought in an action for specific performance is a court order requiring the defendant to perform the action he or she promised to perform.

Is specific performance a remedy or cause of action?

Specific performance is a common remedy for a failed purchase and sale of real property. By initiating a specific performance cause of action, the buyer or seller of real property asks the court to compel the other party to perform its contractual obligation to either buy or sell the property.

Is specific performance an injunction?

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 the limitations of specific performance?

Specific performance is impossible. The contract is too vague to be enforced. The contract was terminable at will (meaning either party can renege without notice). The contract required constant supervision.