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@concorde: reserve is WL
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LSDefine
Simple English definitions for legal terms
Specific performance
Read a random definition: standard of care
A quick definition of Specific performance:
Specific performance: When someone promises to do something but doesn't, a court can order them to actually do it instead of just paying money. This usually happens when the thing promised is really important and can't be easily replaced.
A more thorough explanation:
Specific performance is a legal solution where a court orders a party to fulfill their contractual obligation as closely as possible. This remedy is used when monetary damages are not enough to fix the harm caused by a breach of contract. It is most commonly ordered in cases involving real estate and rare items.
Real Estate: If a seller breaches a contract to sell a piece of property, the buyer may seek specific performance to force the seller to complete the sale.
Rare Chattels: If a buyer purchases a one-of-a-kind item, such as a rare painting, and the seller breaches the contract, the buyer may seek specific performance to force the seller to deliver the painting.
These examples illustrate how specific performance can be used to enforce a contract when monetary damages are not enough. In both cases, the parties are seeking to fulfill the terms of the contract rather than just receiving compensation for the breach.