Unit 6 Assignment 1 Specific Performance Paper

Business Law: Unit 6 Assignment 1
Specific Performance
In the realm of contract law there are many ways of addressing breach of contract. The purpose of this paper is to analyze four separate scenarios and decide if the remedy of specific performance would be applicable to any of them. Specific performance is, “An extraordinary equitable remedy 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 September 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
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 differ substantially from those around it. For example, one parcel of land may be relatively flat and good for commercial development, but the property right next to it may be very hilly and rocky, making development more difficult. For these and other reasons a buyer simply cannot go out and find 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 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 pursue damages as
But in this case we’re dealing with a slightly different situation. The fact that there are only three shareholders means that Astro Computer Corp. is a closely 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 totally privately owned company would be, it’s 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 can’t be replaced by simply going to the local stockbroker. Additionally, those shares of Cary’s would give Coase a controlling interest 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