Enabling Specific Performance of a Contract

When a contractual party breaches the contract the other party has a number of legal remedies for the loss caused by such breach including lawsuits and arbitration. But when the crux of the contract is performance specific or of a unique transaction and no amount of money can compensate the aggrieved party, then Specific Performance of Contract comes as a legal remedy for the aggrieved party. Specific performance of a contract is a remedy used by the Courts when in the breach of a particular contract the Court sees no other remedy (monetary) to compensate the aggrieved party. For example, party A enters into a contract with party B to buy his house. B accepts the transaction but later refuses to sell his house. Here, real estate is considered to be a unique transaction so A is entitled to specific performance of contract as there is no other house which looks similar to B’s house. Read more

my Lawyer Advise my Lawyer Advise
Jan 31, 2024 - 12:02
10

Share this Post to earn Money ( Upto ₹100 per 1000 Views )


Enabling Specific Performance of a Contract
When a contractual party breaches the contract the other party has a number of legal remedies for the loss caused by such breach including lawsuits and arbitration. But when the crux of the contract is performance specific or of a unique transaction and no amount of money can compensate the aggrieved party, then Specific Performance of Contract comes as a legal remedy for the aggrieved party. Specific performance of a contract is a remedy used by the Courts when in the breach of a particular con

Click Here To See More   

Tags: