Business Law. Specific Performance Essay

Business Law Unit 6 Assignment 1particular proposition PerformanceIn the realm of contract law there are many ways of addressing breach of contract. The purpose of this paper is to psychoanalyze four separate scenarios and decide if the fix of particularised performance would be applic adequate to any of them. Specific performance is, An extraordinary equitable remedy that compels a party to execute a contract according to the skillful terms agreed upon or to execute it easily so that, down the stairs the circumstances, justice will be d whiz between the parties. (retrieved September 7, 2013, from http//legal-dictionary.thefreedictionary.com/Specific+performance) Or, to put it succinctly, the court will order the contract to be fulfil as written, with no damages awarded. Generally, however, two circumstances moldiness dupe before particular performance will be granted financial damages must be inadequate to the situation and the field of honor subject area of the contrac t must be curious. (source, Fundamentals of Business Law Summarized Cases, milling machine and Jentz, 2010, ch 12, pg 246) Scenario ATarrington contracts to sell her house and lot to Rainier. Then, on controling a nonher(prenominal) buyer willing to pay a higher purchase price, she refuses to itemize the property to Rainier.Land is always a unique subject. It has a specific location and properties that even a parcel directly adjacent capacity not have. And the house that sits on the land may differ substantially from those around it. For example, one parcel of land may be comparatively flat and good for commercial development, but the property right neighboring to it may be very hilly and rocky, making development more than difficult. For these and other reasons a buyer patently cannot go appear and consider an exact replacement. In our scenario Tarrington has breached her contract with Ranier and Ranier can rightly ask a court to grant the remedy of specific performance an d order Tarrington to forgather the contract. That is unless she actually sold the land to the other buyer. In that scale, Ranier would have to practise damages as remedy. Scenario BMarita contracts to sing and dance in Horaces nightclub for one month, beginning June 1. She then refuses to perform.This case is not one that meshes well with specific performance. This is simply because it deals with a contract for personal service. The textbook of the thirteenth amendment to the Constitution of the United States says, Neither slavery nor involuntary servitude, nevertheless as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction. (emphasis added) (retrieved August 7, 2013, from http//www.law.cornell.edu/constitution/amendmentxiii) Maritas contract is for her to sing and dance and sequence her performance might be unique, it is a personal service and if a court were to force her to perform that would certainly be involuntary servitude. However, she is in breach and Horace would still be able to sue her for monetary damages. Scenario CJuan contracts to purchase a rare cash from Edmund, who is breaking up his coin collection. At the last minute, Edmund decides to keep his coin collection intact and refuses to abide the coin to Juan.Rare coins are by definition unique. In situation their observe is wholly derived upon their rarity. Also monetary damages would be wholly inadequate while coins, like art may have value as investments, collectors often pursue ownership of such items for aesthetic reasons and not just economic ones. While we are light on specifics in the scenario, as a general situation I believe specific performance is warranted here. There may be a situation where it would not be, I suppose. Perhaps if another coin was readily available and Edmund pointed that out to Juan, conflict could be avoided and then I doubt Juan would be able to make an argument for damages. Scenario DAstro Computer Corp. has three shareholders. Among them are Coase, who owns 48%, and Cary, who owns 4%. Cary contracts to sell his 4% to DeValle but later refuses to transfer the shares to him. unremarkably I dont believe that shares of stock would fall down the stairs the specific performance remedy. But in this case were traffic with a slightly different situation. The fact that there are provided three shareholders sum that Astro Computer Corp. is a well held corporation. A closely held corporation is, Any company that has only a limited number of shareholders.Closely held corporation stock is publicly traded on occasion, but not on a regular basis. (emphasis added) (retrieved August 7, 2013, from http//www.investopedia.com/terms/c/closely-held-corporation.asp) This means that even though the stock is not as controlled as exclusively privately owned company would be, its shares are not traded on a daily basis like companies such as orchar d apple tree or AT&T. So it follows, then, that Astro Computer stock is a unique item that simply cant be replaced by simply going to the local stockbroker. Additionally, those shares of Carys would give Coase a controlling affaire in the company and that makes them even more unique and renders a monetary solution inadequate. Therefore, I believe that Coase has a very good case for a specific performance remedy.In each of these scenarios we find cultivation of law, logic and, hopefully, justice. They also point out very good reasons to debate well before entering into a contract, as you may find that regardless of what you eventually want, your signature on that contract could mean you must fulfill the terms even if you would be willing to pay funds to get out of it.