When parties enter into a contractual agreement, they expect each party to fulfill their obligations. Unfortunately, breaches of contract are not uncommon. These can lead to disputes and legal challenges between the parties involved.
Various remedies are available if you are faced with a breach of contract, all aimed at restoring you to the position you would have been in had the breach not occurred. Specific performance is one such remedy, where the court orders the breaching party to fulfill their contractual obligations as stipulated in the contract.
The nature of specific performance
Sometimes, monetary damages may not fully compensate you for the losses caused by the breach. Only a fulfillment of the contract can make you whole, which is what specific performance is all about. This remedy is typically sought when the subject matter of the contract is rare or unique. Real estate transactions, intellectual property agreements and contracts for the sale of one-of-a-kind items are common scenarios where specific performance becomes a crucial remedy.
It’s worth noting that certain conditions must be met for a court to grant specific performance as a remedy for a breach of contract. First, the non-breaching party must demonstrate that monetary damages are inadequate and that specific performance is both practical and fair. The terms of the contract must also be clear and definite enough for the court to enforce.
As mentioned, specific performance as a remedy is not a universal solution. It’s only available in certain circumstances. With legal guidance, you can determine whether there was a contract breach and explore available remedies to help ensure that your rights are protected. It can go a long way in empowering you to effectively navigate the complexities of contract disputes and work to achieve a fair resolution.