Business Law & Ethics Essay

Specific performance is a kind of contractual remedy in which the court orders a party to perform the performance closely as possible. As the monitory damages seem to be inadequate to fix the problem. Most commonly these cases are involved in employment and real property issues. There are many ways for legal remedies for a party that considers when the other party is allegedly breached its contractual obligation. In form of lawsuits and arbitration. In these scenarios, monetary does not provide a sufficient solution, which can be a good option for the civil remedy (Feito, Hoffstetter and Serafini, 2018).

Specific performance is a specialised form of remedy that is used by courts in a situation where no other remedies like money seem adequate for the injured party. If the legal remedy can put the arty in a position where he or she would have been enjoyed if he contracts has been performed, then courts have the option to choose that option instead. It must be noted that courts grant specific performance in a situation where the subject matter is unique and where money does not solve the problem or where the true amount for solving the issue is not clear. For example, in a situation where the sale of the unique property is involved, the damage in this situation is only the property for the purchaser and not money. like in Airport Industrial GP Ltd & another v Heathrow Airport Ltd & another (2015)

For example, Mr Beth sells his to Mr White, but later on, changed his mind and refuses to deliver the property to Mr White. In this situation, real estate or property is unique and there is no exact Like Mr Beth’s property. According to specific performance, Beth would be compelled to deliver the property to Mr White and complete the sale.

When Specific Performance is Ordered?

Courts can enforce the specific performance only in a situation where the contract between two parties was fair and equitable. Other situations where specific performance can be applied is the employment contract, goods in short supply, custom made products, and work of art. In the United States and the United Kingdom, specific performance is enforced if

Specific performance seems to be adequate as the remedy
The parties to the agreement have performed some part of the agreement and are currently refunded to perform in future, then courts can implanter it for the satisfaction of courts.

From the above explanation, it is clear that the specific performance mainly depends on the discretion of the court. For the second option, it is clear that the requirement is meant to ensure that the other party will need to perform the obligation as expressed or written in their agreement. In a situation where the other party refuses to perform their contractual obligation, the injured party seeks a legal solution for it. It is advised to take legal; action by hiring an attorney for the breach of the contract. as lawyers have extensive experience and are trained to help clients and avoid further vulnerabilities. Also, lawyers have good experience in helping their clients and protecting the integrity of businesses and future operations. Therefore, it is advised to hire lawyers at Manchester Law firm for seeking legal solutions (Nahrgang et al., 2013).

Limitations for Specific Performance

It is important for the injured party to file suit for the specific performance in the three years. This time period includes the period when a contract is made and the time when the other party has refused to perform their task. Therefore, the injured party is required to clime for remedies within three years period (Eisenberg and Miller, 2015).

Corporate Social Responsibility

The importance of corporate social responsibility has been increasing in recent decades. companies are ramping up towards social responsibilities in form of protecting women's rights protecting the environment, taking steps towards reducing poverty, and providing scholarships to needy students. These activities are performed on local, national and international levels by large companies of the world. From an optics perspective, companies involved in corporate social responsibilities have a more positive impact on the minds of consumers and shareholders which can have a direct impact on the long-term sustainability of the company (Sinha, 2012).

Customers Perspectives

Adopting social responsibilities can put a better impression on the minds of customers that will eventually help in retaining customers which are a necessity for the longer-term success of the company. additionally, when customers know that a portion of the profitability is utilised in the channelling towards the social causes in near future. They will happily pay the premium cost for the goods purchased. Moreover, companies have witnessed an incline in revenues by investing in the benefits of the community. For example, companies that open a free dispensary in the locality will enjoy increased profits as the direct impact business,

Increases Employee Satisfaction

Employee motivation is necessary for any organization as it helps in increasing the efficiency and productivity of the business operation. In this regard, social responsibility is considered an effective tool for keeping employees happy and increasing engagement. Companies involved in corporate social responsibility tend to attract more employees that bring a difference in the world. The collective efforts of companies and their employee's efforts can bring positive results in society, creates a positive work environment at the workplace, and boost the productivity of the company (Frynas and Yamahaki, 2016).

According to Harvard Business School, up to 70 per cent of the employees say that they do not like to work with a company that does not have a strong purpose. Moreover, ninety per cent of the employees say that they would like to work with a company that has a strong purpose, employees will be more motivated, well inspired, and loyal to the company. it has been observed from various researches that a company’s expenses in the corporate social responsibility can directly translate into increased sales and profitability. Moreover, employee corporations also encourage employees to be well motivated and more productive which meets organizational goals and objectives.

Improve Customer's Perspective for Brand

The competition between companies has been increased and it can be quite challenging for companies to separate themselves in the eyes of local customers. however, companies that are involved in bringing positive change in the society and community can win customers and develop a positive image or brand name in their minds. In this way, sales and profitability of the company will increase which is matches the company’s goals and objectives.

CSR activities also lead to developing a brand's image. Developing a successful brand name helps in retaining customers, and attracting the attention of a wider audience. Therefore, we can say that corporate social responsibility activities help in developing a good reputation for the business and trust and loyalty of customers and shareholders of the company. customers' loyalty is the only thing that can help businesses to ensure existence in the market. without them, no business entity can exist in the market. customers, they are only concerned about the brand image and not about the company’s ability to make profits, but to deliver back to the community.

Corporate Social Responsibility Creates a Sense of Accountability

Businesses that are actively involved in CSR activities appear to be more attractive for investors. Investors are always interested in the businesses that can deliver them greater returns to the invested funds. They know that companies involved in CSR activities tend to be more attractive in the eyes of local customers and are ready to pay an extra amount for it. In this way, the profitability of the company and the return to shareholders also increases (Empirical, 2012).

CSR Enables Business to Better Engage with Customers

Many corporate social responsibility activities involve having an interaction with local persons and the community that eventually becomes their loyal customers. Businesses have an opportunity to get feedback from them about the company’s operations and find out things that are going wrong. These suggestions can help in improving overall business operations. moreover, word of mouth is a kind of free advertisement. Customers and other community members can tell to other people and convince them to become their loyal customers which will directly increase the chances of success of the company.

Conclusion

Specific performance is a kind of remedy that is given by the courts to injured parties where other from of remedies like money is not suitable. Types of remedies, situations of remedies and the requirement for specific performance have been discussed in this essay. Moreover, limitations of specific are also discussed in this essay. In addition to specific performance, the importance of corporate social responsibility, its impacts on the local community, and benefits in form of maximum return was also discussed in full detail.

Reference List

Eisenberg, T. and Miller, G.P. (2015). Damages Versus Specific Performance: Lessons from Commercial Contracts. Journal of Empirical Legal Studies, 12(1), pp.29–69.

Empirical, A. (2012). CORPORATE SOCIAL RESPONSIBILITY: RECRUITING WELL BY DOING GOOD? [online] Available at: http://www.andidas.com/academic/diss/AK%20-%202006%20-%20Corporate%20Social%20Responsibility_by_andidas.pdf [Accessed 14 Aug. 2021].

Feito, Y., Hoffstetter, W. and Serafini, P. (2018). Changes in body composition, bone metabolism, strength, and skill-specific performance resulting from 16-weeks of HIFT. PLOS ONE, 13(6), p.e0198324.

Frynas, J.G. and Yamahaki, C. (2016). Corporate social responsibility: review and roadmap of theoretical perspectives. Business Ethics: A European Review, 25(3), pp.258–285.

Nahrgang, J.D., DeRue, D.S., Hollenbeck, J.R. and Spitzmuller, M. (2013). Goal setting in teams: The impact of learning and performance goals on process and performance. Organizational Behavior and Human Decision Processes, [online] 122(1), pp.12–21. Available at: https://ac.els-cdn.com/S0749597813000423/1-s2.0-S0749597813000423-main.pdf?_tid=6d45adc1-dce3-487c-a74c-2f84aa835fe6&acdnat=1543479997_9b87eee7c10ef0974f2e6b059419a199 [Accessed 29 Nov. 2018].

Sinha, B.C.V. & R., Rupamanjari (2012). Corporate Social Responsibility. [online] Google Books. Vikas Publishing House. Available at: https://books.google.com/books?hl=en&lr=&id=DSDzDwAAQBAJ&oi=fnd&pg=PA1&dq=Corporate+Social+Responsibility&ots=VlyuHNvBVs&sig=z7csFXUVLzA2t48Tnakj2Ro2gUs [Accessed 12 Mar. 2022].