Is specific performance an equitable remedy?
Specific performance is a type of equitable remedy available in a breach of contract action. It is a remedy based on the concept of fairness. Specific performance recognizes that money may not adequately compensate the non-breaching party in certain situations.
What are the four types of equitable remedy?
Forms of Equitable Relief
- Specific Performance.
- Rescission.
- Injunction.
- Rectification.
- Account of Profits.
How are damages different than equitable remedies?
While legal remedies typically involve monetary damages, equitable relief typically refers to injunctions, specific performance, or vacatur. A court will typically award equitable remedies when a legal remedy is insufficient or inadequate.
Can you claim damages and specific performance?
The first ground is that a suit for specific performance cannot be converted into a suit for damages. The second is that the claim for damage is now barred by limitation & therefore in any event such amendment should not be allowed.
What are examples of equitable remedy?
In common law jurisdictions, there are a variety of equitable remedies, but the principal remedies are:
- injunction.
- specific performance.
- account of profits.
- rescission.
- rectification.
- equitable estoppel.
- certain proprietary remedies, such as constructive trusts.
- subrogation.
What is specific performance in equity?
Related Content. An equitable remedy available for breach of contract. A decree by the court to compel a party to perform its contractual obligations. In the High Court, it may be granted in addition to or instead of damages.
Why is specific performance better than damages?
Specific Performance is mostly sought in case of a breach of contract resulting in damages or losses for one of the parties to the contract. Instead of compensation in lieu of the losses accrued, the aggrieved party may approach the Court in order to enforce a specific part of the contract.
What are the most common equitable remedies sought?
The most important equitable remedies are decrees of specific performance and injunctions. Under an order of specific performance, one party to a contract is ordered to perform their contractual obligations.
Can you claim specific performance and damages?
Therefore, in order to understand the interest a plaintiff can have in a grant of damages as a surrogate of specific performance one must understand the interest a plaintiff has in specific performance and the reason a court would grant this remedy, which has traditionally not received as detailed a treatment in legal …
What is the remedy for specific performance?
Specific performance is a specialized remedy used by courts when no other remedy (such as money) will adequately compensate the other party. If a legal remedy will put the injured party in the position he or she would have enjoyed had the contract been fully performed, then the court will use that option instead.
What are the cases in which specific performance of contract is enforceable?
According to Section 10 of Specific Relief Act 1963 in the following conditions specific performance of the contract is enforceable: When there exist no standard for ascertaining actual damage: It is the situation in which the plaintiff is unable to determine the amount of loss suffered by him.
Can specific performance and damages be claimed together?
What is specific performance remedy?
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.
Under which circumstances specific performance Cannot be granted?
Specific performance will not be granted for contracts which are void or unenforceable. The exception to this (in equity) is in relation estoppel or part performance. Where an injunction to restrain an employee from working for a rival employer will be granted even though specific performance cannot be obtained.
What is an example of specific performance?
A specific performance example is when a party defaults on its contractual obligation and is ordered by the court to fulfill said obligations. An alternative to the much more common award of monetary damages, specific performance is an injunction on a contract dispute often involving sensitive material or real estate.
What are examples of equitable remedies?
– injunction. – specific performance. – account of profits. – rescission. – rectification. – equitable estoppel. – certain proprietary remedies, such as constructive trusts. – subrogation.
What is specific performance as a legal remedy?
Specific performance is an equitable remedy to a contract law dispute. When the court awards specific performance, the person who is attempting to breach a contract is forbidden from doing so and the contract is enforced by the court, who makes sure both parties carry out the obligations described in the contract.
What are remedies in equity?
– Incapacity or misrepresentation voids the contract. – One party breaches the agreement. – The party seeking restitution breaches the contract.
What is equitable remedy law?
Equitable remedies are actions that the court prescribes which will serve to resolve the breach or dispute. Equitable remedies are typically granted when legal remedies or monetary compensation cannot adequately resolve the wrongdoing. It is often a requirement that legal damages be unavailable before a court will decide to issue equitable relief.