Reasonable liquidated damages clause

Assignment Help Other Subject

Reference no: EM133681802

Question

Jill agreed to build a house for Sam. The contract price of the house was $300,000 and it was to be completed by October 31st. Sam wanted to ensure that the house would be completed on time and was concerned that if it were not, he would be unable to calculate how much he lost from the delay. At the time of the contract, Sam and Jill agreed to include a liquidated damages clause.

Review Chapter 18 and the AJM Materials relating to liquidated damages and then write a paragraph or two that answer the following:

1. What are liquidated damages and when are they allowed?

2. Write an example of a reasonable liquidated damages clause for the building contract.

3. Write an example of an unreasonable liquidated damages clause for the building contract.

4. Explain why the examples are reasonable/unreasonable.

Reference no: EM133681802

Questions Cloud

About treatment vs. punishment of sex offenders : Research and give a short paper about Treatment vs. punishment of sex offenders, including the definition, the main ethical concerns,

What would intelligence gathering process : What would an intelligence gathering process look like to determine the accuracy of such information? Identify ethical dilemma and challenges from your reading

Evaluation of students and the wider classroom environment : You will need to identify a student/ who might require either a screen test of achievement and conduct, interpret and report the results of the test to parents.

Legal principles-an aged care facility is required by law : Legal Principles: An aged care facility is required by law to provide safe and clean facilities, qualified employees, and high-quality clinical care.

Reasonable liquidated damages clause : Write example of reasonable liquidated damages clause for the building contract. Write example of unreasonable liquidated damages clause for building contract.

Promotional motion picture about craft beer production : Katie Smith agreed in writing to write, direct, and produce a promotional motion picture about craft beer production for the Michigan Craft Beer Association

Conceptualize differences among the motivational theories : It is sometimes difficult to conceptualize the differences among the motivational theories described.

Primary goals and objectives were evident in investigation : Which of the primary goals and objectives were evident in the investigation? Which of the policing operational styles were utilized?

Sexual assault cases are handled with sensitivity and care : Discuss how these actions can ensure that sexual assault cases are handled with sensitivity and care.

User Account

All Pages