Performance Agreement Real Estate

Posted by Admin on Oct 1, 2021 in Uncategorized |

Let`s take a closer look at some contracts for services and real estate: in real estate contracts, the specific service is a usual recourse for sellers to force the buyer`s performance by court order. This is a possibility for the General Court to order the transfer of the property as an appeal in the event of a contractual dispute if the cash refund is not sufficient. Traditionally, own funds would only grant a specific benefit in respect of contracts relating to assets whose assets are unique, such as art, inheritance, etc. The reason given was that the injured party, since the goods were fungible, had an appropriate remedy against the other party`s non-compliance. Specific services are mainly used in disputes relating to the application of real estate contracts. The concept of specific performance was born in medieval England, where land ownership was linked to social status and the right to vote in parliament. In the case of a land sale transaction during this period, a cash damage subsidy would not compensate the party that fulfilled the land purchase contract against the party that did not meet its conditions. Consequently, the remedy for the specific benefit was applied because there was no adequate or appropriate substitute for the actual benefit. The appeal retains its validity in modern society, because all immovable property is unique in one way or another, and the idea that damages of money do not compensate the only obligated party and, therefore, the actual or specific performance of the contract as an appeal, remains a fundamental element of the law.

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