What is equitable remedy specific performance?
What is equitable remedy specific performance?
A decree of specific performance is one of the most important equitable remedies. It is a court order directed to someone who is party to a contract to instruct them to perform their obligations under the contract. Refusal to observe the terms of the order is a contempt of court.
What is the purpose of the equitable remedy of specific performance?
The equitable remedy of specific performance requires the breaching party to perform the contract as agreed. If the alleged breach is non-delivery of an item pursuant to a purchase agreement, then specific performance could require the seller of the item to deliver it to the purchaser.
What is the remedy of specific performance?
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 is meant by the term equitable remedy?
There are two main equitable remedies for breach of contract. specific performance (requiring performance of contractual acts) injunction (requiring a party not to perform an act that would breach the contract)
What are the 3 equitable remedies?
There are three types of equitable remedies: specific performance, injunction, and restitution.
Who can claim 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 specific performance example?
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 is an example of equitable remedy?
A common form of equitable relief will order the rescission of a contract, which cancels all terms and obligations and restores both parties to their pre-contract position. For example, gag orders, which prevent a party from publishing sensitive information, are often issued in cases of intellectual property theft.
What are the four equitable remedies?
The equitable remedies are specific performance (an order directing a person to deliver to the buyer the unique thing the seller contracted to sell), injunction (an order directing a person to stop doing that which he should not do), and restitution (the return by one party of the benefit conferred on him when the …
What is equitable relief examples?
Instead, it’s a ruling whereby a court orders one party to refrain from participating in one activity and orders them to perform a new action for the sake of the other party. Two examples of equitable relief are injunctions and restraining orders.
What are the two types of equitable remedy?
The two main equitable remedies are injunctions and specific performance, and in casual legal parlance references to equitable remedies are often expressed as referring to those two remedies alone. Injunctions may be mandatory (requiring a person to do something) or prohibitory (stopping them doing something).
What is specific performance of agreement?
What makes a specific performance an equitable remedy?
Specific performance is an equitable remedy, which means that it is awarded at the discretion of the court. Parties are not automatically entitled to it. Specific performance vs injunction An injunction is a court order to restrain a party from doing a specific act.
Can a specific performance be issued as an alternative remedy?
Specific performance is an alternative remedy to damages and may be issued at the discretion of the court, subject to a number of exceptions. Emily signs a contract to sell Charlotte a gold samovar, a Russian antique of great sentimental value because it once belonged to Charlotte’s mother. Emily then repudiates the contract while still executory.
What to do if there is no equitable remedy?
The latter does not involve a jury, relies on service of justice rather than precedent, and seeks equity where no adequate financial remedy exists. With equity, the breaching party could be ordered to: Stop doing a specific action (injunction). Legal remedies include consequential and compensatory damages.
What is an equitable remedy in a breach of contract?
What is an equitable remedy? This is an action the court chooses to address a breach of contract. It is designed to return the aggrieved party to its original position or in the same position as if the breach had not occurred.