This section is from the book "Popular Law Library Vol7 Equity Jurisprudence, Trusts, Equity Pleading", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
Equity will never enforce the specific performance of a contract, where the party seeking such relief has been guilty of laches. It is impossible to lay down any general rule as to just when this principle will be applied. It must depend upon all the circumstances of the case. It is not necessary to sustain this defense that the full period of the statute of limitations should have run.