Every part of this sentence before and after “it is an agreement on what is expected” is incorrect. A contract may lay out consequences of noncompliance, but it is contract law, not the terms of the contract that will set the actual consequences; those set in the contract are valid in only limited circumstances, and only then if their amount is appropriate under the law. And the manner of enforcement may be too compel performance of the obligations in the contract, see the remedy called “specific performance”.
There is a little-used 'specific performance' case but that's for objects of art or whatnot, especially when no monetary value can be assigned. And in the overwhelming number of situations, should not be relied upon for remedy.
Its cash (almost) all the way.
A contract cannot compel any action - it is an agreement on what is expected and the cost of non-compliance.