Specific performance is referred to under the law as an equitable remedy. 1 Elements and Case Citations. Specific performance will be granted where the contract involves a unique chattel; the court determines whether a chattel is unique. For this type of remedy to be available, several elements must be present, including: A Valid and Binding Contract For a court to order specific performance, there must be a … You should consider consulting a lawyer in deciding how to proceed when a contract fails to be performed. Similarly, the term "Specific Performance" relates to a situation where under the terms of a contract, a party is obliged to perform certain actions in favour of the other, but neglects or refuses to do so. In this case, the object is unique and money, or even a different Tiffany lamp, would not be a sufficient substitute. Specific performance can be granted only by a court in the exercise of its Equity powers, subsequent to a determination of whether a valid contract that can be enforced exists and an evaluation of the relief sought. Specific performance. The 3 min read. The reason is simple. Elements of Specific Performance. Id. This may be indicated by citing, in parentheses, reference to the goal(s)/objective(s) following the description of the performance element. CREATING MEASURABLE Standards. A decree by the court to compel a party to perform its contractual obligations. The subject matter of the contract must be unique, or an action for damages would be the proper remedy. Specific performance is considered an equitable remedy and is governed by equitable principles. (App. Injunctions and arbitration, as well as monetary compensation, are often seen as legal alternatives to specific performance elements. The court can issue an order compelling a party to comply with their contractual obligations – a good example being to complete building works on time. However, specific performance is only awarded in exceptional cases, typically where damages are an inadequate remedy should the contractual obligation not be performed. Elements for the Remedy of Specific Performance In Nevada, the remedy of specific performance is available where: Valid contract with reasonably definite and certain terms exists; Even for real estate development, money is still considered adequate compensation in a majority of cases. Hire the top business lawyers and save up to 60% on legal fees. For example, specific performance is more likely to be available in contracts involving the delivery of … If the contract is found to be invalid or unenforceable, then you will not recover anything. To prove a claim for specific performance, a plaintiff must prove the existence of the contract by clear, definite, and certain evidence. Specific per… By using additional performance elements to set expectations for and appraise group and organizational goals and results, an agency can answer many of the criticisms of the Pass/Fail approach, the most common of which concern its apparent focus on mediocre performance and failure to emphasize and reward excellence. Library, Employment As a contributor to LegalMatch’s Law Library, Lauren wrote extensively on criminal law issues, as well as articles on immigration, tax law, and real estate. Specific performance, very simply, is a court order that mandates everyone comply with the language of the written contract. a (1981) (“Specific performance is the fulfillment of the performance due in the contract as nearly as practicable, by the party in breach.”). All rights reserved. 1. Employee performance plans are all of the written, or otherwise recorded, performance elements that set forth expected perfor- mance. 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. An injunction is a remedy that prohibits a party from a particular act. Actions for specific performance are usually allowed with regard to a contract involving the sale of particular real estate; and a contract for sale of a particular business. Courts overwhelmingly award monetary compensation over specific performance elements, since it is easier to enforce and because it does not require the losing party to do something they are unwilling to. Performance standards should be objective, measurable, realistic, and stated clearly in writing (or otherwise recorded). Specific performance is a remedy that orders the breaching party to comply with the terms of the contract. 2. 3386. Orders for specific performance come about after two parties have contracted with one another but one party has failed or refuses to perform as agreed in the … Even though real estate can be a unique item, land sale transactions are frequently compensated through money damages. But none of the decisions that address [*8]specific performance of a contract for the purchase and sale of a cooperative apartment makes mention of UCC 2-716, "Buyer's Right to Specific Performance or Replevin." If one or more parties in a contract fail to live up to the agreement, the wronged party or parties can ask that the courts issue a mandate requiring … Estate App.–Fort Worth 2003, pet. Physical tasks such as a massage or common home renovations are rarely ordered as it would be too difficult for the court to oversee and can be easily compensated through money damages. Enforcement of the specific performance order must be practical. 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