Florida Guarantee of Performance of Contract
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How to fill out Florida Guarantee Of Performance Of Contract?
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FAQ
Believe it or not, sellers in Florida can sue buyers for specific performance of real estate sale contracts. The seller sues the buyer to require the buyer to perform a contract by accepting a deed to the property upon payment of the purchase price.
Substantial performance is a doctrine, whereby one party under a contract can still recover for damages if he substantially performed his duties under the contract even though that individual failed to comply with the contract in some way.
Specific performance is an equitable relief granted by the Court to enforce contractual obligations between the parties. It is a remedy in performance as opposed to a claim sounding in damages for breach of contract where pecuniary compensation is granted as relief for failure to carry out the terms of the contract.
(4) When a part of a contract which, taken by itself, can and ought to be specifically performed, stands on a separate and independent footing from another part of the same contract which cannot or ought not to be specifically performed, the court may direct specific performance of the former part. Explanation.
Performance of a contract relieves a person from further duties under the contract. There are three levels of performance: Complete Performance, Substantial Performance, and Breach.
Substantial performance is a doctrine, whereby one party under a contract can still recover for damages if he substantially performed his duties under the contract even though that individual failed to comply with the contract in some way.
Specific performance means fulfilling a promise made under a contract as agreed. A suit for specific performance can be filed by any party, in a court of competent jurisdiction, who has suffered loss due to non-performance of contract on part of the other party to the contract.
Succinctly, specific performance is available when there exists: 1) a valid and binding contract; 2) definite and certain terms; 3) mutuality of obligation and remedy; 4) freedom from fraud and overreaching; and 5) lack of remedy at law. Shreeve, 65 Ariz.
Specific performance is a remedy developed by principle of equity. A party to a contract who is damaged because the contract is breached by another party has the option to file a suit for specific performance compelling to perform his part of contract.
An owner seeking to obtain specific performance or a reduction in the contract price in the amount required to perfect or fully complete the work must prove both the necessity of such perfection and that the benefit of full performance outweighs the costs.