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What Is Specific Performance?

What Is Specific Performance?

<p style&equals;"text-align&colon; justify&semi;">Sometimes there are situations where money alone cannot solve the problem&period; When this happens in a legal matter&comma; specific performance may come into play&period; A specialized remedy used from time to time in civil courts&comma; it&&num;8217&semi;s used when the court has determined no other remedy&comma; including money&comma; will adequately compensate the injured party&period; Used in cases where there was a contract between parties&comma; it usually involves unique situations such as real estate&comma; works of art&comma; things considered to be in short supply and anything custom-made&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>The Equitable Remedy<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Specific performance requires a defendant to follow through with a specific action they had agreed to do&comma; rather than simply be able to pay money to a plaintiff as adequate compensation&period; In essence&comma; the defendant is forced to keep a promise made earlier&period; Thus&comma; it has become known as the &&num;8220&semi;equitable&&num;8221&semi; remedy within civil court&period; In most civil suits&comma; the plaintiff is seeking monetary damages as compensation for being wronged&period; However&comma; if the case involves something such as a one-of-a-kind piece of jewelry they were expecting to receive&comma; getting money is not the goal&period; Rather&comma; the goal is to be awarded the jewelry&period; If the court determines there was a legally binding agreement for the jewelry to be sold to the plaintiff at a certain price&comma; the court would then order the defendant to follow through on the sale&period; By doing this&comma; the plaintiff is considered to have been made &&num;8220&semi;whole&&num;8221&semi; from the breach of contract&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>When Specific Performance is Avoided<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Considered similar to an injunction&comma; there are times when a court will decide not to award specific performance even when monetary damages will not be adequate compensation&period; Times when specific performance are avoided include&colon;<&sol;p>&NewLine;<ul style&equals;"text-align&colon; justify&semi;">&NewLine;<li>When it is simply impossible<&sol;li>&NewLine;<li>When the defendant would suffer harm<&sol;li>&NewLine;<li>It would require constant supervision<&sol;li>&NewLine;<li>The contract states it can be terminated at will by either party anytime<&sol;li>&NewLine;<li>The contract is for services&comma; and making someone perform a service involuntarily would result in poor performance<&sol;li>&NewLine;<li>Plaintiff did not hold up their end of the bargain<&sol;li>&NewLine;<li>The contract is defective and would make specific performance unfair to defendant<&sol;li>&NewLine;<&sol;ul>&NewLine;<p style&equals;"text-align&colon; justify&semi;">When at all possible&comma; courts will award monetary damages rather than enforce specific performance because they are easier to enforce and don&&num;8217&semi;t require someone to act in a way they are unwilling to do so&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>Failing to Deliver Specific Performance<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">So what happens when a party who is ordered to perform specific performance chooses to ignore the court&&num;8217&semi;s ruling&quest; While it&&num;8217&semi;s usually not jail time&comma; failing to follow through with the court&&num;8217&semi;s ruling can mean a number of consequences including substantial fines&comma; monetary penalties and being held in contempt of court&period; While jail time is not an immediate option&comma; if the contempt of court goes on long enough it is something that may become a possibility&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">When entering into a contract of any kind&comma; it&&num;8217&semi;s imperative to make sure everything is clearly understood by both parties&period; Even when this is the case&comma; there are times when a situation breaks down and individuals find themselves at odds with one another&period; When this happens&comma; a lawsuit is often the result&period; Depending upon what was at stake in the contract&comma; specific performance may be a possibility if the court rules for the plaintiff&period; Keeping this in mind may enable both parties to work out a compromise before ending up in court&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><strong>Byline<&sol;strong><br &sol;>&NewLine;Dustin Meriwether is a freelance author and blogger who primarily focuses on Contract Law&comma; Business Law&comma; Commercial Litigation&comma; Securities Litigation&comma; Banking Law and other areas&period; Readers curious about the financial world are encouraged to check out the<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">financial analyst jobs with moneyjobs&period;com&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Image credit goes to<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">accidentlawyer4&period;<&sol;p>&NewLine;

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