Breach of contract is a serious issue in Louisiana business and companies that are dealing with it should be aware of the various remedies they have at their disposal to settle the matter. In some instances, a financial payout is enough to end it and have the parties move on. However, that is not always the case making a lawsuit untenable, costly and time-consuming for an unsatisfactory resolution. This is where specific performance comes in.
Specific performance is a remedy that courts will use when there are no other viable options to provide adequate compensation. The goal is to put the damaged party in a positon so it is as if the breach never occurred. In other words, they receive a sufficient restitution that the breach does not damage them in any way. Courts will use specific performance in situations that are unique. This is when money is not enough to fix the issue.
A consideration with specific performance is replevin. This is also known as claim and delivery. If actual property that is not equal to its financial value is transferred to the plaintiff as part of the dispute, it will be akin to specific performance. The two terms are frequently used interchangeably. Transferring goods can be a form of specific performance to clear a contractual issue between parties that has otherwise not been settled. Specific performance will only be used if there was a fair and equitable contract.
Many people – even those who are experienced in business – might not be fully cognizant of the variety of options they have available to settle a contract dispute. Breach of contract can be a frustrating situation and if it can be settled satisfactorily through specific performance, then they should consider it. Having assistance from an attorney who is experienced in business can help to determine if this is a wise step to take or some other alternative should be attempted.
Source: findlaw.com, “What Is ‘Specific Performance’ as a Legal Remedy?,” accessed on Oct. 3, 2017