Specific performance is a contractual remedy in which a court orders a party to fulfill their obligations as closely as possible to what was promised in the contract, rather than simply paying damages for failing to do so. This remedy is often applied when monetary damages are inadequate to fix the harm caused by the breach; most commonly in cases involving real property and rare chattels. Specific performance ensures that the aggrieved party receives exactly what was agreed upon in the contract, often in situations where the subject matter is unique or irreplaceable.
[Last updated in June of 2024 by the Wex Definitions Team]