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Specific Performance
Practical Law Glossary Item 0-386-4877 (Approx. 2 pages)
Glossary
Specific Performance
An equitable remedy to compel a party to perform the specific terms of a contractual provision, rather than simply pay monetary damages as compensation for a breach. Specific performance is usually reserved for situations when the loss resulting from the breach is difficult to quantify in dollar terms, such as the breach of:
- A non-compete or non-solicit provision.
- A party’s obligation to close a merger or acquisition.
- A confidentiality agreement.
- A party's obligation to perform under an agreement related to real estate, such as:
- a purchase and sale agreement;
- a lease agreement; and
- a loan agreement.