Suppose carnack was able to determine at the time the

Assignment Help Business Law and Ethics

Reference no: EM13466041

Carnack contracts to sell his house and lot to Willard for $100,000. The terms of the contract call for Willard to pay 10% of the purchase price as a deposit toward the purchase price as a down payment. The terms further stipulate that should the buyer breach the contract, Carnack will retain the deposit as liquidated damages. Willard pays the deposit, but because her expected financing of the $90,000 balance falls through, she breaches the contract. Two weeks later, Carnack sells the house and lot to Balkova for $105,000. Willard demands her $10,000 back, but Carnack refuses, claiming that Willard's breach and the contract terms entitle him to keep the deposit. Discuss who is correct.

Justify your answer using information from your Reading:

Discuss the elements of liquidated damages.
Analyze what distinguishes liquidated damages from punitive damages and discuss whether or not the penalty be assessed in the above case.
Suppose Carnack was able to determine at the time the Contract was signed the amount and type of his damages. Would your answer change?

John advertised a rare guitar for sale on a public web site, listing the price as $700.

Mike, a potential buyer, contacted John via e-mail and they discussed the guitar's condition, price, and history for several days. In their most recent e-mail exchange, John insisted that Mike agree to buy the guitar. He told Mike that there were other potential buyers and that John could not wait any longer to sell. Mike responded, "Consider it done." Based upon Mike's response, John informed all other interested buyers that the guitar had been sold.

When John e-mailed Mike and asked when he would pay for and pick up the guitar, Mike told John that he did not want the guitar and besides, Mike had not signed or agreed to anything. Is Mike obligated to pay for the guitar?

Research this issue and then be sure to:

Discuss the UETA provisions concerning the meaning of records and signatures.
Discuss whether the above facts place this issue within the jurisdiction of the UETA.

Reference no: EM13466041

Questions Cloud

Biomedical and psychotherapy are two approaches to treating : biomedical and psychotherapy are two basic approaches to treating psychological disorders. a number of approaches fall

Use your knowledge to develop the circumstances and details : required to support your views by citing your sources in all assignments. even if the question asks for your opinion

Perform online reconnaissance on xyz to see what : objectiveabc invitation design and xyz invitation printing have decided to merge into one company a2z invitations. abc

Describe at least two actions a manager can take to protect : describe at least two actions a manager can take to protect her- or himself and the organization she or he represents

Suppose carnack was able to determine at the time the : carnack contracts to sell his house and lot to willard for 100000. the terms of the contract call for willard to pay

How psychological disorders are categorized include role of : summarize how psychological disorders are classified. include the role of the dsm-iv-tr. your presentation must have at

What are the sources of the rules of international law are : what are the sources of the rules of international law? are those rules legally binding? do powerful states like the

A very prestigious events planning firm verlon has : a very prestigious events planning firm verlon has approached john sanders vice president of echo industries to secure

Proper scope for an automobile search john lee was pulled : proper scope for an automobile search? john lee was pulled over on interstate 10 after a highway patrol officer

User Account

All Pages