What is specific performance?

Specific performance is a legal theory that’s invoked to compel performance of a contract. Specific performance is utilized when the subject to the matter of the contract is unique. Typically, real estate would be involved because no two parcels of real estate are exactly the same and if somebody fails to complete a real estate contract, simply being award monetary damages really does not compensate them for the other party’s breach, so specific performance would be available to actually compel performance of the sale of the real estate.