What is "specific performance" in the context of a breach of contract?

Specific performance is a legal remedy in contract law that requires the party who breached the contract to fulfill their obligations as specified in the agreement. This remedy is typically sought in cases where monetary compensation would be inadequate to remedy the harm caused by the breach, particularly in real estate transactions where the subject matter is unique. For instance, if a seller refuses to sell a specific property after an agreement is made, the buyer may seek specific performance to compel the seller to complete the sale, thereby providing the buyer with the unique property they had a right to acquire.

This remedy ensures that the terms of the original contract are honored and is often pursued in situations where the goods or services are irreplaceable, such as homes, land, or collectibles. Specific performance reinforces the importance of contracts and upholds the principle that parties should fulfill their contractual obligations unless a valid reason exists for not doing so.