What is specific performance in terms of remedies for breach of contract?

What is specific performance in terms of remedies for breach of contract?

• A. A court order for financial compensation
• B. A court order mandating the other party to fulfill their contract obligations
• C. A mutual agreement to cancel the contract
• D. A formal apology from the breaching party

Answer: (B)

Specific performance is a legal remedy for breach of contract where a court orders the defaulting party to fulfill their contractual obligations as originally agreed. This remedy is typically sought when monetary damages would be insufficient to remedy the harm caused by the breach. For instance, specific performance is often applicable in contracts involving unique goods or property, such as real estate, where the subject matter of the contract is one-of-a-kind and not easily replaceable. In such cases, the non-breaching party may seek the court's intervention to ensure that the other party carries out the specific actions stipulated in the contract rather than simply awarding monetary compensation. This makes specific performance an equitable remedy, balancing the interests of both parties when compliance is feasible.

Specific performance is a legal remedy for breach of contract where a court orders the defaulting party to fulfill their contractual obligations as originally agreed. This remedy is typically sought when monetary damages would be insufficient to remedy the harm caused by the breach. For instance, specific performance is often applicable in contracts involving unique goods or property, such as real estate, where the subject matter of the contract is one-of-a-kind and not easily replaceable. In such cases, the non-breaching party may seek the court's intervention to ensure that the other party carries out the specific actions stipulated in the contract rather than simply awarding monetary compensation. This makes specific performance an equitable remedy, balancing the interests of both parties when compliance is feasible.