In Part I, a generalized finite-volume theory was constructed for two-dimensional elasticity problems on rectangular domains based on a higher-order displacement field representation within individual subvolumes of a discretized analysis domain. The higher-order displacement field was expressed in terms of elasticity-based surface-averaged kinematic variables that were subsequently related to corresponding static variables through a local stiffness matrix derived in closed form. The theory was constructed in a manner that enables systematic specialization through reductions to lower-order versions, including the original theory based on a quadratic displacement field representation, herein called the zeroth-order theory. Comparison of predictions generated by the generalized theory with its predecessor, analytical and finite-element results in Part II illustrates substantial improvement in the satisfaction of interfacial continuity conditions at adjacent subvolume faces, producing smoother stress distributions and good interfacial conformability. While in certain instances the first-order theory produces acceptably smooth stress distributions, concentrated loadings require the second-order (generalized) theory to reproduce stress and displacement fields with fidelity comparable to analytical and finite-element results.