1. Tricia and Troy are starting a pharmacy. After meeting with their attorney an
ID: 2704481 • Letter: 1
Question
1. Tricia and Troy are starting a pharmacy. After meeting with their attorney and accountant, they decide they want to begin using the simplest form of business organization they can. Howeverm their primary concern is personal liability. They don't want to jeopardize their personal assets for business obligations. They'll also need to obtain financing to get the business started. A few investors have epressed some interest, but they'll invest their money only if they recevie some stake in the business or some possibility of return for their investments. The investors want to have no part in running the business and want to be sure the they have no liability for busniess debts. What form f business organization would you recommend? explain why other forms of business organizations wouldn't meet their needs?
2.Discuss the mirror-image rule, specifically stating what the rule means. Then give a set of circumstances in which the mirror-image rule would apply.
3. Jill and Abraham have a dispute and wish to settle it with out litigation. They're condsering mediation or binding arbitration. Discuss and campare the ewatures of these two forms of alternate dispute resolution.
Explanation / Answer
the limits of specific performance in other contexts are narrow. Moreover, performance that is based on the personal judgment or abilities of the party on which the demand is made is rarely ordered by the court. The reason behind it is that the forced party will often perform below the party's regular standard when it is in the party's ability to do so. Monetary damages are usually given instead.
Traditionally, equity would only grant specific performance with respect to contracts involving chattels where the goods were unique in character, such as art, heirlooms, and the like. The rationale behind this was that with goods being fungible, the aggrieved party had an adequate remedy in damages for the other party's non-performance.
In the United States, the Uniform Commercial Code displaces the traditional rule in an attempt to adjust the law of sales of goods to the realities of the modern commercial marketplace. If the goods are identified to the contract for sale and in the possession of the seller, a court may order that the goods be delivered over to the buyer upon payment of the price. This is termed replevin. In addition, the Code allows a court to order specific performance where "the goods are unique or in other proper circumstances", leaving the question of what circumstances are proper to be developed by case law. The relief of Specific Performance is an equitable relief which is usually remedial or protective in nature. In the civil law (the law of continental Europe and much of the non English speaking world) specific performance is considered to be the basic right. Money damages are a kind of "substitute specific performance." Indeed, it has been proposed that substitute specific performance better explains the common law rules of contract as well
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