c. Modifying (a), assume that the subject matter of the agreement is undeveloped farmland of little commercial value.

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c. Modifying (a), assume that the subject matter of the agreement is undeveloped farmland of little commercial value.

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In which of the following situations is specific performance available as a remedy?
a. Mary and Anne enter into a written agreement under which Mary agrees to sell and Anne agrees to buy for $100 per share one hundred shares of the three hundred shares outstanding of the capital stock of the Infinitesimal Steel Corporation, whose shares are not listed on any exchange and are closely held. Mary refuses to deliver when tendered the $10,000.
 
b. Modifying (a), assume that the subject matter of the agreement is stock of the United States Steel Corporation, which is traded on the New York Stock Exchange.
 
c. Modifying (a), assume that the subject matter of the agreement is undeveloped farmland of little commercial value.

Explanation & AnswerSolution by a verified expert

Explanation

a is correct

The law is going togrant permission to Individual A to receive the specific performance from Individual M because as per Section 360 of the Restatement (Second) of Contracts, the shares are not listed in any stock exchange without having market value and being required to be sold by Individual M especially.

c is correct

The law can grant permission for specific performance in the case of property, real estate, and unique services. Individual A is going toreceive specific performance from Individual M because the farmland is extraordinary in comparison to other lands.

b is incorrect

The law is not going tograntthe order to Individual A to get the specific performance from Individual M because the shares of Country U's steel corporation are already listed and should be marketable, according to the laws of stock exchange.

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