Puerto Rico Complaint for Specific Performance of Real Estate Contract
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How to fill out Complaint For Specific Performance Of Real Estate Contract?
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FAQ
Requirements for Specific Performance For a court to award specific performance as a remedy, several conditions must be met: A valid and binding contract must be in place. Monetary damages must be inadequate. Mutual obligation must be present, meaning both parties had duties to the other under the contract.
Specific performance is a remedy in contract law that is most often applied in real estate litigation and disputes where a court issues an order requiring a party to perform a specific act, and to specifically perform ing to the terms of a contract.
The only way to defend a specific performance lawsuit is to show that the party seeking performance has not met the requirements for specific performance, that there was a breach or fraud by the party seeking specific performance, or that specific performance is not the adequate remedy.
One core strategy for defending against the implementation of specific performance is showing there is another adequate remedy at law that should apply instead. For example, the defendant could show this by alleging the item or transaction is not unique enough to require specific performance.
The plaintiff must prove several elements to obtain specific performance. First, the plaintiff must show that there is a valid and enforceable contract between the parties. Second, the plaintiff must demonstrate that they are ready, willing, and able to perform their obligations under that contract.
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.
The purpose of a specific performance clause is to provide protection for both parties to a contract or agreement when simple monetary compensation would not be adequate. This could involve the purchase or sale of unique property such as real estate, artwork, or other valuables.
A plaintiff is more likely to obtain an order of specific performance in a real estate sale dispute than in many other types of litigation actions. That is because of the inherently unique nature of a parcel of real estate.