What does specific performance mean in contract law?

Specific performance in contract law refers to a remedy that compels a party to fulfill their contractual obligations as agreed upon in the contract. This remedy is typically sought when monetary damages would not provide an adequate solution, particularly in cases where the subject matter of the contract is unique or where other remedies would not fully compensate the aggrieved party.

For example, in contracts involving the sale of real estate, the property itself is often considered unique, and monetary compensation would not sufficiently rectify the failure to perform. In such scenarios, the court may order the party in breach to specifically perform their obligations instead of merely awarding damages.

This concept is important as it emphasizes the enforcement of the original agreement and underscores the principle that parties should adhere to their contractual commitments.