specific performance

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 ]

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