Liquidated losses provision in contract specifies

Assignment Help Other Subject

Reference no: EM133810247

Question

Paraphrase this Damages were liquidated. A liquidated losses provision in a contract specifies the amount of damages that the beneficiary of the breach will be entitled to in the event that one of the parties breaches the agreement. In general, a liquidated damages provision must meet two legal requirements: (1) damages that are hard to predict beforehand, and (2) the sum chosen must be a realistic assessment of potential loss. According to the liquidated damages provision in dispute, Bob is required to reimburse Alice $50,000 for the expected disruption of her export business of blue roses. It would be acceptable to argue that it would be challenging to determine such damages in advance, given the volatility of the international blue rose market in the year before to Alice and Bob's contract.

Reference no: EM133810247

Questions Cloud

What problems do you see with dore : What problems do you see with Dore? Do you believe the Court will maintain this doctrine? Why?

Association commercial dispute resolution procedures : Under the American Arbitration Association's Commercial Dispute Resolution Procedures, find the provision that allows for "windowing" in mediation and explain i

Prison Litigation Reform Act : As discussed in the chapter, the Prison Litigation Reform Act (PLRA) allows for the termination of consent decrees

Serves justice but prioritizes the rehabilitation : In summary, steering away from incarceration and towards restorative and supportive interventions not only serves justice but prioritizes the rehabilitation

Liquidated losses provision in contract specifies : A liquidated losses provision in a contract specifies the amount of damages that the beneficiary of the breach will be entitled to in the event

Thieves cut through wall of local cell phone : Thieves cut through wall of local cell phone store to steal $100K of new cell phones, 3 tablets used as employee cash registers that were plugged in and screen

Liquidated damages clause is unreasonable : Condense this Bob would argue that including five months of profit in the liquidated damages clause is unreasonable,

Unconscionability is defense to formation : Condense this Unconscionability- unconscionability is a defense to formation that grants power to a court to alter a harsh or right restrictive clause

Entities have mixed law system : Which of the following entities have a mixed law system? Which of the following types of tort would the children's guardians sue the manufacturer for?

User Account

All Pages