Business Law. Specific Performance Essay

Business Law Unit 6 Assignment 1Specific PerformanceIn the realm of grow law thither be m both ways of addressing breach of contract. The purpose of this paper is to analyze four separate scenarios and decide if the vivify of precise exercise would be applicable to any of them. Specific carrying out is, An extraordinary equitable right that compels a party to execute a contract according to the precise terms agreed upon or to execute it substantially so that, under the circumstances, justice will be done between the parties. (retrieved kinsfolk 7, 2013, from http//legal-dictionary.thefreedictionary.com/Specific+performance) Or, to put it succinctly, the court will order the contract to be fulfilled as written, with no damages awarded. Generally, however, two circumstances must apply before specific performance will be granted monetary damages must be inadequate to the situation and the subject matter of the contract must be unique. (source, Fundamentals of Business Law Summar ized Cases, Miller and Jentz, 2010, ch 12, pg 246) Scenario ATarrington contracts to sell her house and stria to Rainier. Then, on finding another buyer willing to profits a higher purchase price, she refuses to form of address the property to Rainier.Land is always a unique subject. It has a specific location and properties that even a parcel directly adjacent might not have. And the house that sits on the land may disaccord substantially from those around it. For example, one parcel of land may be relatively flat and commodity for commercial development, but the property right next to it may be very hilly and rocky, do development more difficult. For these and other reasons a buyer just now cannot go expose and find an subscribe to 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 and order Tarrington to fulfill the contract. That is unless she actually sold the land to the other buyer. In that case, Ranier would have to watch damages as remedy. Scenario BMarita contracts to sing and dance in Horaces nightclub for one month, inauguration 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 in-person service. The text of the thirteenth amendment to the Constitution of the United States says, Neither slavery nor involuntary servitude, except 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 man her performance might be unique, it is a personal service and if a court were to force her to perform that would sure as shooting be involuntary servitude. However, she is in breach and Horace wou ld still be able to sue her for monetary damages. Scenario CJuan contracts to purchase a rare coin from Edmund, who is breaking up his coin collection. At the last minute, Edmund decides to stay his coin collection intact and refuses to deliver the coin to Juan.Rare coins are by definition unique. In fact their value is wholly derived upon their rarity. Also monetary damages would be completely inadequate while coins, like art may have value as investments, collectors often pursue ownership of such(prenominal) 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 the m are Coase, who owns 48%, and Cary, who owns 4%. Cary contracts to sell his 4% to DeValle but later refuses to tape drive the shares to him.Ordinarily I dont believe that shares of stock would fall under the specific performance remedy. But in this case were dealing with a slightly different situation. The fact that there are only three shareholders performer that Astro Computer Corp. is a closely held grass. A closely held corporation is, Any association that has only a limited number of shareholders.Closely held corporation stock is in public 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 totally privately owned company would be, its shares are not traded on a daily basis like companies such as Apple 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 interest in the company and that makes them even more unique and renders a monetary source inadequate. Therefore, I believe that Coase has a very good case for a specific performance remedy.In each of these scenarios we find subtlety of law, logic and, hopefully, justice. They also point out very good reasons to confer well before entering into a contract, as you may find that regardless of what you eventually want, your tinge on that contract could mean you must fulfill the terms even if you would be willing to pay money to get out of it.