Linda owns a rare piece of artwork and enters into a contract to sell it to Mark for $50,000. After agreeing, Linda receives a higher offer of $70,000 from another buyer and decides to sell the artwork to them instead. Mark has fulfilled all his obligations under the contract and now seeks an appropriate remedy for the breach. What is the most suitable remedy for Mark to pursue?
Specific performance is the appropriate remedy because the artwork is unique, and monetary damages would not adequately compensate Mark for not receiving the specific piece he contracted to purchase. Expectation damages would offer financial compensation but not the artwork itself, rescission would void the contract without providing the artwork, and reformation would alter the contract terms rather than enforce performance.
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What is specific performance in the context of contract law?
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Why are monetary damages often insufficient in cases involving unique goods?
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What situations typically lead to the remedy of specific performance being granted?