This is a business law question. Plesase answer the question as soon as possible

Question

This is a business law question. Plesase answer the question as soon as possible.

iWindsor pays the deposit, but because her expected finance balance falls through, she breaches the (b) Amy contracts to sing and dance in Freds for one month, beginning May 1. She then perform refuses to ing of the $90,000 contract. Two weeks later Cohen sells the house and lot to Ballard for $105,000. Windsor demands her $10,000 back but Cohen refuses, claiming that and the contract terms entitle him to keep the deposit. Discuss who coin owned by Erikson, who is breaking up his coin colleet At the last minute, Erikson decides to keep hi collection intact and refuses to delv oin t Windsor's breach and the () Hoffman contracts to purchase a ra is correct. (See page 354) r the con to 19-2. Specific Performance. In which of the following situ- ations would specific performance be an appropriate rem- Hoffman. edy? Discuss fully. (See page 355.) (d) ABC Corp. has three shareholders: Pano zzo, who fa) Thompson contracts to sell her house and lot to Cousteau. Then, on finding another buyer willing to pay a higher purchase price, she refuses to deed the owns 48 percent of the stock; Chang, who owns another 48 percent; and Ryan, who owns 4 percent Ryan contracts to sell her 4 percent to Chang. Later Ryan refuses to transfer the shares to Chan property to Cousteau

Explanation / Answer

Generally, the equitable remedy of specific performance will be granted only if two crite­ria are met: monetary damages (under the situation) must be inade­quate as a remedy, and the subject matter of the contract must be unique.

            (a) In the sale of land, the buyer’s contract is for a specific piece of real prop­erty. The land under contract is unique, because no two pieces of real prop­erty have the same legal description. In addition, money damages would not compensate a buyer ade­quately, as the same land cannot be purchased else­where. Specific performance is an appropriate remedy.

            (b) The basic criteria for specific performance do not apply well to per­sonal-ser­vice contracts. If the identical service contracted for is readily avail­able from others, the service is not unique, and monetary damages for nonper­formance are adequate. If, how­ever, the services are so personal that only the contract party can perform them, the con­tract meets the test of uniqueness; but the courts will refuse to decree specific perfor­mance if (1) the enforcement of specific performance requires involuntary servitude (prohibited by the Thirteenth Amendment to the U.S. Constitution), or (2) it is impracti­cal to at­tempt to force meaningful performance by someone against his or her will. In the case of Amy and Fred, specific performance is not an appropriate remedy.

            (c) A rare coin is unique, and monetary damages for breach are inade­quate, as Hoffman cannot obtain a substantially identical substitute in the mar­ket. This is a typical case in which specific performance is an appropriate rem­edy.

            (d) The key issue here is that this is a closely held corporation. Therefore, the stock is not available in the market, and the shares become unique. The uniqueness of these shares is enhanced by the fact that if Ryan sells her 4 per­cent of the shares to Chang, Chang will control the corporation. Because of this, monetary damages for Chang are to­tally inadequate as a remedy. Specific per­formance is an appropriate remedy.

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