Specific Performance Case Summary

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(1) 10.2 (page 223): specific performance cases Order of specific performance of the real state contract warranted in this case? Richard Albas and his spouse desire to purchase the house that Jean Claude Kaufman and Christine Cacace own. After Albas paid all requirements, Kaufman and Cacace changed their mind and decided not to sell the house, for her health issue. Albas sued looking for specific performance and moved for summary judgment. Charged of Specific performance, Kaufman and Cacace made complete the home transaction that they had agreed upon with Richard Albas and his spouse. Since Albas paid all requirement income, Cacace and Kaufman needed to complete the transaction and give the house to Albas. For this issue Kaufman needed to prove her medical condition so that court could use reformation, an unwarranted personal burden for Cacace. Also, if the burden was correct, the court could reject Albas who sued for summary judgment.…show more content…
What is a personal guarantee? Personal guarantee is a person that made legal agreement to reimburse credit issued to a commercial that is a partner to him/her. Also, the book defines “if a limited partner personally guarantees a loan made by a creditor to the limited partnership, a limited partnership defaults on the loan, the creditor may enforce the personal guarantee and recover payment from the limited partner who personally guaranteed the repayment of the loan” (p g 303) A personal guarantee is asked by lenders in order to guarantee that they may pay any debt issued to a corporation. The personal promise is signed by the single person that is involved in the business. b. Did Donald P. Peterson act ethically in this case? Yes, the first time he acted morally and signed the agreement to pay the balance of Dodge Metro if the company did not pay. But in the end, he didn’t act ethically, because he did not complete his agreement and Chrysler sued

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