This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
New York Contract for the Lease and Mandatory Purchase of Real Estate - Specific performance clause
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Multi-State
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US-00120
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How to fill out Contract For The Lease And Mandatory Purchase Of Real Estate - Specific Performance Clause?
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FAQ
Specific performance is an alternative equitable remedy to a cause of action for breach of contract.
Requirements for Specific Performance: Courts will enforce specific performance only if the underlying contract was fair and equitable. It is up to the plaintiff to demonstrate that the contract was an appropriate one, legal, with each party receiving fair consideration for performance.
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract.
A Standard Clause providing model language to plead a cause of action for specific performance of a contract under New York law. This Standard Clause has integrated notes with important explanations and drafting tips.
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.
Bringing a suit for specific performance. The seller can sue and receive specific performance only if monetary damages will not adequately compensate them and their sales contract does not solely limit them to liquidated damages limited to the amount held in escrow.
In summary, specific performance is an equitable remedy that is available when a party to a sales contract for real property is harmed by the other party's nonperformance.
Specific Performance: Overview When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser's situation. Example: Rina offers to buy Beth's house and Beth accepts, but later decides to keep the property. Real estate is considered to be unique.
Which of the following is needed in order to satisfy the UCC's requirement for a written document? The contract or memorandum needs only to state the quantity to be sold.