In contract law, what does "specific performance" refer to?

Specific performance refers to a legal remedy that compels a party to execute their obligations as stipulated in a contract, rather than opting for monetary damages. This remedy is often sought in cases where the subject matter of the contract is unique or when damages would not provide adequate compensation.

For instance, in real estate transactions, if a seller fails to transfer a specific property to a buyer as agreed, the buyer may seek specific performance to force the seller to complete the sale, since each property has distinct characteristics that cannot simply be replaced by monetary compensation.

This form of remedy emphasizes the importance of fulfilling contractual promises and highlights the expectation that contracts should be honored as originally agreed upon, particularly when the performance is critical and cannot be easily quantified in monetary terms.