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How much in damages can pack rat storage recover

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Reference no: EM13990019

Mica Co. agreed to build a commercial storage building by September 1 for Pack Rat Storage. It was hard to predict Pack Rat's losses if the building was not completed on time. The parties estimated that Pack Rat would lose $200 in storage fees per day if the building was not completed on time. Thus, the contract required Mica to pay liquidated damages of $200 per day if the work was completed late. Mica finished ten days late. Pack Rat actually lost $1,800 due to the breach.

1. Is the liquidated damage amount stated in the contract between Mica Co. and Pack Rat Storage valid, or is it an invalid penalty?

2. How much in damages can Pack Rat Storage recover from Mica Co.? 

Reference no: EM13990019

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