You have found an ideal and unique parcel of land for your business to build its plant. You negotiate and sign and contract. Everything is fine until the seller backs out of the deal with no valid excuse. What is your best course of action to obtain that particular land?

Question

Business

Kaya Hamilton

27 January, 13:21

You have found an ideal and unique parcel of land for your business to build its plant. You negotiate and sign and contract. Everything is fine until the seller backs out of the deal with no valid excuse. What is your best course of action to obtain that particular land?

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Answers (1)

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Senorita · Answer 1

The answer is through legal redress known as Specific Performance.

Explanation:

A contract is an agreement between two or more people. It is legally binding and enforceable. Each individual must satisfy their separate obligations.

Since the contract has been signed. This means it is legally binding.

Since it is legally binding, the best course of action is to proceed to court of law.

In law, this known as Specific Performance. Specific Performance is a resolution used by competent court of law to order a party to perform a specific act like order the owner of the land to relinquish the land. Specific Performance is an equitable remedy.