SPECIFIC PERFORMANCE OF CONTRACTS 2

The base of almost all economic relations are made of contracts. Every profession is contract bound. Property, whether owned by businesses or individuals are locked up under contracts. For example, money in banks and other forms of investment are contractually bound. As a result, contracts constitute modern wealth. They are sacred per se. Moreover a particular contract is not an isolated transaction. Often it is a link in the chain of several contracts. A failure at one place could cause serious dislocation to economic and social life. Contracts, thus must be enforced. But awarding compensation to an injured person is the only way that the law of contract can enforce a contract. However, in many cases compensation fails to serve the economic purpose of a contract. For example, a hospital is interested in the fulfillment of its requirements and not in receiving compensation from a failed supplier. Thus there was a need for a remedy which would compel a defaulting contractor to actually perform his contract.

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