What are specific performance damages?

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.

Is specific performance a form of damages?

Specific performance is a disfavored remedy utilized by courts when no other remedy (such as monetary damages) will adequately compensate the party seeking relief.

What is the difference between damages and specific performance?

The Anglo-American rule (in theory) partitions the remedy into two mutually exclusive categories: cases where damages are adequate, in which case money is the exclusive remedy; and cases where damages are not adequate, in which case specific performance is the exclusive remedy.

What is an example of specific performance?

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 a claim for specific performance?

Specific performance is a specialized remedy used by courts when no other remedy (such as money) will adequately compensate the other party. If a legal remedy will put the injured party in the position he or she would have enjoyed had the contract been fully performed, then the court will use that option instead.

Is specific performance a cause of action?

Specific performance is a common remedy for a failed purchase and sale of real property. By initiating a specific performance cause of action, the buyer or seller of real property asks the court to compel the other party to perform its contractual obligation to either buy or sell the property.

What is specific performance?

Who can sue for 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.

When would a suit for specific performance be used?

What is limitation for specific performance?

The prescribed period of limitation for a suit of specific performance is three years from the date fixed for performance or if no such date is fixed, when the plaintiff has notice that performance is refused[31].

When does a court grant monetary damages in lieu of specific performance?

When specific performance is impossible, or the pleading or proof does not justify that remedy, the court may grant monetary damages in lieu of specific performance if the complaint sufficiently alleges the pecuniary loss suffered. Inadequacy of the remedy at law (monetary damages).

What is a cause of action for specific performance?

Hence, the statement of a cause of action in a suit for specific performance calls for two kinds of allegations: those that establish the right to recover for breach of contract, as well as those that are essential to the granting of the equitable remedy of specific performance.

Why do courts grant specific performance of a contract?

The most common reason courts grant specific performance is that the subject of the contract is unique and adequate just relief requires more than a transfer of money and/ or where the true amount of damages is unclear. When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser’s situation.

When can specific performance of a contract be compelled?

California law states that specific performance may be compelled if: Specific performance would otherwise be an appropriate remedy; and The agreed performance by the plaintiff has been substantially performed or its concurrent or future performance is assured or, if the court deems necessary, can be secured to the satisfaction of the court.