Which legal concept requires a party to complete a contract under court order?

The concept of Specific Performance is particularly relevant in real estate transactions because it mandates that a party fulfill their obligations under a contract as originally agreed upon, rather than opting for monetary damages or other remedies. This legal recourse is often sought when the subject matter of the contract is unique, such as in the case of real property. In real estate, when one party fails to perform their contractual duties, the other party can go to court and request an order for Specific Performance, compelling the party to proceed with the transaction, rather than simply seeking damages for breach.

Rescission involves canceling a contract and restoring the parties to their original positions, which is not about enforcing the terms of the contract. Liquidated Damages refer to the predetermined amount that one party agrees to pay in case of a contract breach, providing a financial remedy rather than forcing performance. Arbitration is an alternative dispute resolution process where a neutral third party resolves disputes outside of court, and does not inherently require one party to complete a contract. Therefore, the specificity and enforceability aspect of Specific Performance clearly distinguishes it from the other concepts presented.