This is a business law. Please answer the on 19-2 specific performance. NO HAND

Question

This is a business law. Please answer the on 19-2 specific performance. NO HAND WRITING. Please Only TYPED. Please answer the question as soon as possible.

You will need your textbook for this assignment. Turn in your textbook to question 19-2 (Specific Performance) at the end of chapter 19. Please respond to parts (a), tb), (d), and (d) of the question. Make sure that you respond to all questions. Please remember how im Make sure to proofread before you submit your assignment, which should be submitted as a Word attachment within the allotted time frame. Remember, this is an individual assignment please treat it as such. Have fun! re.

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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