What does "specific performance" mean in contract law?

In contract law, "specific performance" refers to a court's order directing a party to fulfill their contractual obligations as agreed. This typically occurs in situations where monetary damages would not be sufficient to remedy the situation, such as in contracts involving unique items or properties (like real estate). For example, if one party agrees to sell a rare painting, and then refuses to complete the sale, the court may order the seller to hand over the painting, rather than simply awarding the buyer a sum of money for the failure to deliver.

The concept emphasizes the requirement for parties to adhere to their agreements and ensures that the promise made in the contract is executed. This remedy is particularly relevant in cases where each party’s contribution is fundamentally linked to the contract’s purpose, such as in the purchase of land or unique goods.