Specific performance in the context of "Legal remedy"

A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty.

Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed-law jurisdictions solely require a meeting of the minds between the parties.

A court of equity, also known as an equity court or chancery court, is a court authorized to apply principles of equity rather than principles of law to cases brought before it. These courts originated from petitions to the Lord Chancellor of England and primarily heard claims for relief other than damages, such as specific performance and extraordinary writs. Over time, most equity courts merged with courts of law, and the adoption of various Acts granted courts combined jurisdiction to administer common law and equity concurrently. Courts of equity are now recognized for complementing the common law by addressing its shortcomings and promoting justice.

In the early years of the United States, some states followed the English tradition of maintaining separate courts for law and equity. Others combined both types of jurisdiction in their courts, as the US Congress did for federal courts. United States bankruptcy courts serve as an example of a US federal court that operates as a court of equity. A few common law jurisdictions, such as the U.S. states of Delaware, Mississippi, New Jersey, South Carolina, and Tennessee, continue to preserve the distinctions between law and equity as well as between courts of law and courts of equity. In New Jersey, this distinction is upheld between the civil and general equity divisions of the New Jersey Superior Court.