I need detailed answer at least 500 words. If you don\'t know US Laws then pleas

Question

I need detailed answer at least 500 words. If you don't know US Laws then please google it or visit website of US Department of Justice.

Question # 4: General Equity Corporation enters a contract with Nancy, a local artist, to create a mosaic of her famous painting “The Birth of Industry” to be set into the floor in the entrance hall of the new corporate headquarters. Nancy delays and then eventually refuses to perform the contract. In the meantime, General enters a contract with Ideal Investments, Inc. to sell the new building to Ideal. Before the sale of the building is complete, Jewel Funds, Inc. offers General a higher price for the new building and General refuses to honor the contract with Ideal Investments. General brings a lawsuit against Nancy for her breach of contract and seeks the remedy of specific performance. Ideal, after successfully enjoining the sale of the building to Jewel Funds, brings a lawsuit against General seeking a court order compelling General to complete the sale to Ideal. In your answer, discuss whether or not a court would grant the plaintiff’s request for the remedy of specific performance in each case. If you conclude that a court would not grant the remedy of specific performance in either case, discuss what the measure of damages might be available to the plaintiff in that action.

Explanation / Answer

The works of art and real estate deals both come under specific performance in the eyes of law. Specific performance means that their there is a specialized remedy where money would not adequately compensate the other party. Here in both cases the true amount of damage is unclear. When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser's situation. Since there is no piece of property exactly like general equity corporation, ideal investment is entitled to specific performance on the contract. General Equity Corporation would be compelled to go through with the sale. The court would order Nancy to perform the obligations as specified by the contract. As general equity corporation has not entered any contract with the jewel funds, it is more obliged towards ideal investment. Thus court would grant the plaintiff’s request for the remedy of specific performance in each case.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.