When dealing with a breach of contract, one of the remedies available to the injured party is specific performance. Specific performance is an equitable remedy that requires the breaching party to fulfill their contractual obligations as agreed upon in the contract.
Unlike other remedies, such as monetary damages, specific performance requires the breaching party to do something specific. This could include fulfilling a service, delivering goods, or transferring property. Essentially, the injured party seeks to enforce the contract as written and have the breaching party perform as promised.
When would specific performance be an appropriate remedy?
Specific performance is typically only granted in cases where monetary damages would not adequately compensate the injured party. For example, if a unique piece of artwork is promised to the buyer in a contract, monetary damages would not be sufficient to make up for the loss of that specific piece of artwork. In this case, specific performance would be appropriate to ensure the buyer receives what was promised in the contract.
Additionally, specific performance may be appropriate in cases where the injured party may suffer irreparable harm if the breaching party does not fulfill their contractual obligations. For example, if a company promises to provide a specific technology that is critical to the operations of another company, and failure to provide that technology would result in the loss of significant business, specific performance may be appropriate to prevent that harm.
How is specific performance enforced?
In order to enforce specific performance, the injured party must file a lawsuit and petition the court to order the breaching party to fulfill their contractual obligations. The court will then evaluate the situation and determine if specific performance is an appropriate remedy.
If the court decides that specific performance is appropriate, it will issue a court order compelling the breaching party to fulfill their contractual obligations. If the breaching party fails to comply with the court order, they may be held in contempt of court and face additional legal consequences.
Specific performance is an equitable remedy available to parties who have suffered a breach of contract. It requires the breaching party to fulfill their contractual obligations as written in the contract. This remedy is typically only granted in cases where monetary damages would not adequately compensate the injured party or where irreparable harm may result if the contract is not fulfilled. If specific performance is granted, the court will issue a court order compelling the breaching party to fulfill their obligations.