Liquidated damages - Study guides, Class notes & Summaries

Default of Contract - ANSWER When a party to a contract fails to perform under the contract, also known as breach of contract. Buyer Default(Remedies) - ANSWER In the event of default by the buyer, the seller may have several options which include: -Liquidated Damages -Monetary Damages -Specific Performance Liquidated Damages - ANSWER The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. ...

When a party to a contract fails to perform under the contract, that party is in... - Default Failure to perform is also commonly referred to as... - Breach of contract Default remedies: (2 types) - -Buyer default: In the event of default by the buyer, the seller may have several options -Seller default: In the event of default by the seller, the buyer becomes the injured party. Types of damages: - -Liquidated damages -Monetary damages -Specific performance

assignment correct answersThe transfer of rights and duties, but not liabilities, from one contract to another contract or from one person to another person is an: liquidated damages. Earnest money is not consideration; it is the seller's remedy in a liquidated damages contract if the buyer defaults. correct answersWhen the buyer is in default and the seller keeps the earnest money, the contract MOST likely provided for: executory. The phase from offer to a closed and executed/closed cont...

_________ categories of civil claim qualify in principle for Civil CLS funding. A. All B. Most C. No D. Very few - ️️D. Very few The vast majority of civil legal work is not eligible for CLS funding. A and B entered a contract 2 months ago. B has breached a term of the contract. The term was stated in the contract expressly to be a condition. What remedies are available to A? A. A can only sue for damages as the term breached was a condition not a warranty. B. A can repudiate the con...

Law of Contracts Exam 2 Default of contracts & types of damages - ANSWER-BUYER DEFAULT: In the event of default by the buyer, the seller may have several options Liquidated damages Monetary damages Specific performance Punitive and compensatory damages must be pursued in court. Punitive damages punish the defaulting party, and compensatory damages are set to cover the actual injury or economic loss. SELLER DEFAULT: In the event of default by the seller, the buyer becomes the injured pa...

Liquidated damages - Answer parties agree in advance should be paid if the contract is breached. Must be reasonable not a penalty. Nominal damages - Answer token damages. no financial loss has been cause by the breach but they saved anyway Anticipatory repudiation - Answer A breach when one party informs the other party that he/she will not perform what is in the contract.

Default of Contract and Types of Damages - 1. Buyer Default - Liquidated Damages - Monetary Damages - Specific Performance 2. Seller Default - Specific Performance - Monetary Damages - Refund of Earnest Money Leases and "Right of First Refusal" - - Buyer's Temporary Residential Lease: for use when the buyer occupies the property for more than 90 days prior to closing

BUL3310 EXAM 3 QUESTIONS WITH ANSWERS REV ISED AND UPDATED! exemplary - Answer-What is another term for punitive damages? bilateral - Answer-Bob promised to pave Sue's driveway and Sue promised to pay him $5000 when the work was completed. The contract between Bob and Sue is a __________________contract. mitigate - Answer-Plaintiff's duty to take steps to lessen the damages that result from a defendant's breach of contract is the duty to ______________. true - Answer-Another term fo...

One who is given a power-of-attorney that allows them to sign the name of a principal to a contract of sale is a(n): A) attorney-in-fact B) broker with a listing C) special agent D) attorney-at-law attorney-in-fact No two parcels of land are exactly alike because no two parcels can occupy the same position on the globe. This is known as: A) township B) section C) scarcity D) nonhomogeneity nonhomogeneity The five essential elements that make a contract valid are: comp...

PSI Real Estate Salesperson Exam – With Questions & All Accurate Answers (Rated A+) PSI Real Estate Salesperson Exam – With Questions & All Accurate Answers (Rated A+) A subject property is an older home with four bedrooms and one bathroom. However, the surrounding neighborhood primarily consists of new construction with four bedrooms and three bathrooms. What can be said of the subject property? - ANSWER-The subject property is worth less because of functional obsolescence The acrony...