What is a suit of specific performance?

A suit for specific performance is a legal remedy that compels parties to fulfill their contractual obligations as originally agreed, rather than opting for monetary compensation. This type of remedy is commonly used in real estate transactions where unique properties are involved, and the buyer seeks to enforce the contract if the seller refuses to go through with the sale.

In real estate, monetary compensation may not suffice, as the property in question might hold specific value for the buyer, given its unique characteristics or location. Therefore, the court orders that the contract be completed as specified in the agreement, rather than simply providing a cash equivalent for damages. This ensures that the terms of the contract are honored, allowing the buyer to acquire the specific property they intended to purchase.

While alternatives like mediation or arbitration exist for resolving disputes, they do not fulfill the same role as specific performance. Likewise, lease termination notices are unrelated to the concept of fulfilling an existing contract, further differentiating this legal remedy.