specific performance


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Related to specific performance: Substantial performance

specific performance

A court order requiring one to comply with the terms of his or her contract rather than the typical legal remedy of paying monetary damages for breach of contract.Real estate is considered unique,and the theory is that a buyer can never take money damages,go out into the marketplace,and replace the property when a seller defaults.As a result,the law gives to the buyer of real estate the remedy of specific performance.Under very exceptional circumstances a court has been known to grant specific performance to a seller and force a buyer to go forward with purchasing real estate.

References in periodicals archive ?
An alternative contract solution would be for the seller to specifically exclude the remedy of specific performance. In so doing, the seller must provide an alternative remedy for the buyer in the event of a default, such as a mechanism to determine the amount of damages if a court determines that seller breached the contract.
The courts could require contracting parties to provide specific performance. Specific performance is the "Performance of a contract in the specific form in which it was made, or according to the precise terms agreed upon" (Black's Law Dictionary [1968, 1296]).
67 of 1980 (the "Civil Law"), specific performance is an available remedy but only at the discretion of the Courts (Article 284).
The OpenSTA DB Monitor module collects performance data relating to the performance of the Web Application Environment back-end database so that users can set thresholds for a range of database specific performance criteria (active transactions, blocked transactions, etc).
The Storage Administrator must also provide guarantees that the storage infrastructure can meet the specific performance needs of the applications in each storage account.
"THE ISSUE of an order for specific performance prevents the vendor from raising an objection for the transfer of the property"
You might even face a lawsuit -- unique to real estate -- that calls for specific performance. The concept of specific performance (of the existing contract) is based on the fact that each parcel of real estate is different.
Z Fish Shanty, LLC, appeals an order dismissing its suit for breach of contract, specific performance, and deceptive advertising and granting judgment to Chad Koch and Elizabeth Armstrong (collectively "Koch") on their counterclaim for breach of contract.
"The issue presented by Count I of the complaint is whether the Debtor's obligation under the Deed Rider, and now under the equitable order of specific performance in the Town's state court judgment against the Debtor, to sell the Unit to the Town, where the Town has exercised its right of first refusal, is subject to the discharge the Debtor has received in this case.
The case by Ayala for specific performance against Standard was initially filed before the Makati City Regional Trial Court Branch 65, but the court dismissed the case prompting Ayala to take the case to the CA, which also affirmed the lower court's order.
  After a trial that lasted nearly two months, a Swain County jury sided with a group of plaintiff homeowners, finding that a wealthy developer is contractually obligated to complete the specific performance of completing the roads leading up to the mountain homes of the out-of-town owners.
In which case, the landlord would likely want to seek alternative remedies, such as specific performance to force a tenant to continue or resume trading; or an injunction to prevent a tenant from closing if the landlord thinks that is likely.