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Illustrate your understanding of the term specific performance in relation to contract law - Leaving Cert Business - Question B - 2015
Question B
Illustrate your understanding of the term specific performance in relation to contract law. Specific Performance is a remedy for the breach of a contract. The party... show full transcript
Worked Solution & Example Answer:Illustrate your understanding of the term specific performance in relation to contract law - Leaving Cert Business - Question B - 2015
Step 1
Understanding of the term Specific Performance
Answer
Specific performance is a legal remedy in contract law, which compels a party to execute the terms of a contract when monetary damages are inadequate. This concept is primarily applied in scenarios where the subject matter of the contract is unique or of particular value.
Step 2
Illustration of Specific Performance Utility
Answer
For instance, in contracts concerning the sale of real estate, the buyer may seek specific performance when the seller refuses to transfer property ownership. In such cases, the court may order the seller to fulfill the contract terms, ensuring that the buyer obtains the land.
Additionally, if a contract involves the sale of a one-of-a-kind item, like a rare painting or a unique artifact, the buyer may demand specific performance since no adequate substitute exists. Therefore, enforcing specific performance ensures that the buyer receives exactly what was contracted for, rather than simply a sum of money.