specific performance as a remedy for breach of contract

Once you decide you want a specific performance remedy, the court will require very specific criteria to grant it. Other remedies, such as specific performance, were developed in the Chancery Court, which was described as a court of equity, not a court of law. Because contracts obligate involved parties to adhere to the stipulations of the contract, contract breaches are incredibly common. Specific Performance. Also, specific performance is an equitable remedy, which is often harder to receive. ... undue influence or duress and the only way to do justice is to terminate the contract. A party’s breach of contract gives rise to certain remedies in the non-breaching party, in particular (1) an action for money damages, and (2) in certain circumstances, a suit for specific performance of the contract. where there is a contract for the sale of land or shares in a private company the claimant might want the land or shares for their unique value and would regard damages as a poor substitute. remedy of specific performance that auger well in its favour as the presumptive or primary remedy for breach of contract.

THEORETICAL ARGUMENTS From a theoretical standpoint, it can be said that specific performance is the remedy that accords best with the classical underlying theory of contracts … Guide to Remedies for Breach of Contract . But in some cases an award of damages would be inappropriate, e.g. 17.5 Specific performance. The primary purpose of damages in contract law is to place the injured party in the position they would have been in had the contract been performed. Specific Performance: Specific performance is essentially a decree or court order that requires the party in breach to fully perform their part of the contract according to the …

Equitable remedies are usually only available when a monetary remedy will not fully take care of the breach. 1 The general principle is that specific performance will only be awarded where damages would not offer a suitable remedy to the claimant. Damages are an award of money to compensate the innocent party. i. Specific performance is an equitable remedy that can be awarded for breach of contract, requiring the party to perform their obligations under the contract. Damages in contract law are a legal remedy available for breach of contract. 97Christie Law of Contract 521 states in fact that damages was the only remedy the old English common law courts could offer for breach of contract. Criteria for Specific Performance. The remedy at common law for breach of contract is damages. However, sometimes the remedy of reformation may be used which is when a court reforms or changes a contract to correct any inequities. Specific Performance as a Remedy for Breach of Contract in Illinois Entering into various different contracts with a multitude of parties is an essential part of doing business. Contents.

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