CONTRACT LAW — Specific Performance — Definition and Nature
Ratio Decidendi
Per Fabiyi, JSC, in Ibekwe v. Nwosu (2011) NLC-123-108-2006(SC) at p. 6; Paras B—D:
"Specific performance is the remedy of requiring exact performance of a contract in the specific form in which it was made or according to the precise terms agreed upon. It is the actual accomplishment of a contract by a party bound to fulfill it. The doctrine of specific performance is that where monetary damages would be an inadequate compensation for the breach of an agreement, the contractor or vendor will be compelled to perform specifically what he has agreed to do. He can, for example, be ordered to execute a specific conveyance of land."
Explanation / Scope
This principle defines specific performance as the remedy requiring exact performance of a contract in the specific form agreed. It applies where monetary damages would be inadequate. The principle reflects the equitable remedy of specific performance. It ensures that contracts are performed as agreed. The court may order specific performance. The principle provides guidance on specific performance.