Contracts Specific Performance Law and Legal Definition
In breach of contract cases, a court of equity may award specific performance, ordering the breaching party to fulfill the terms of the contract. Specific performance will only be awarded in situations when money is not an adequate remedy to compensate for the breach. Specific performance may be awarded in regard to personal or real property. The contract must be just and reasonable and be the precise act which is to be done must be able to be clearly determined in order to award specific performance.
An example would be when a seller agrees to sell a rare piece of art. Because the buyer cannot use money to buy a replacement and then be returned to the same position he or she would occupy if the contract was fulfilled, specific performance by delivery of the art may be ordered.
Legal Definition list
Related Legal Terms
- Award-Specific Audit
- Back-tested Performance Data [Investment]
- Budget Performance Report
- Certain Contracts
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- Circadian Variation in Alertness and Performance [Nuclear Regulatory Commission]
- Civil Causes of Action - Specific Performance
- Commutative Contracts
- Construction Contracts
- Continuing Care Contracts