What does the term "specific performance" imply in contract law?

The term "specific performance" in contract law refers to a legal remedy that compels a party to fulfill their specific contractual obligations as agreed upon, rather than merely providing a financial remedy for non-performance. This remedy is typically sought in cases where the subject matter of the contract is unique or has special significance that cannot be adequately compensated by an award of damages.

For example, in real estate transactions, if a seller refuses to complete the sale of a unique property, the buyer may seek specific performance to force the seller to go through with the sale, as money damages may not suffice in replacing the unique opportunity to acquire that property.

Specific performance is often seen as an equitable remedy, which means it is not automatically given but depends on the circumstances of the case and whether it is deemed fair and just to enforce it. The focus here is on the actual fulfillment of the contract, making it distinct from other remedies like monetary compensation or contract termination.