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Term: Specific Performance

Definition:

Specific Performance refers to the legal remedy in which a court orders a party to perform a specific act as agreed upon in a contract or agreement. It is often used as an alternative to monetary damages when the subject matter of the contract is unique or when monetary compensation is inadequate.

Examples:

1. In a real estate transaction, if the buyer has already paid the agreed amount, but the seller refuses to transfer the property, the buyer can seek specific performance from the court to enforce the transfer.
2. If an artist breaches a contract for an exclusive art sale, the buyer may seek specific performance to compel the artist to deliver the promised artwork.
3. Specific performance can also be sought in cases where a party fails to fulfill their contractual obligations, such as delivering goods or completing a construction project.

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