Liquidated damages - Study guides, Class notes & Summaries

CBK 2024 Practice Exam Questions And Correct Answers A checks and balances system applies only: - Answer -when the separate branches of government exercise a check on the actions of the others. The Tenth Amendment to the U.S. Constitution provides that all powers not delegated to the national government are reserved to the: - Answer -states The supremacy clause within the U.S Constitution - Answer -establishes the Constitution and the treaties of the U.S. as the supreme law of the land ...

Consequential damages A payment awarded by a court to indemnify an injured party for losses that result indirectly from a wrong such as a breach of contract. Liquidated damages A reasonable estimation of actual damages, agreed to by contracting parties and included in the contract, to be paid in the event of a breach for negligence. Nominal damages An award that indicates that while the plaintiff has sustained some harm, the injury is not one warranting substantial monetary relief. One ...

LEGL 2700 FINAL EXAM QUESTIONS AND ANSWERS | LATEST VERSION | 2024/2025 | GRADED A+ What is the parol evidence rule in contract law? The parol evidence rule prohibits the introduction of oral or written statements made before or during the formation of a written contract that contradict or alter the written terms. What does performance standard mean in contract performance? The performance standard sets the level of quality or manner in which contractual obligations must be fulfi...

Texas Real Estate Commission - ANSWER-Created by the legislature in 1949 to carry out the provisions of TRELA Unauthorized Practice of Law - ANSWER-When license holders add provisions to contracts that go beyond the factual business details they are engaging in.. Deceptive Trade practices act - ANSWER- Real Estate Recovery Trust account - ANSWER-Administered by TREC, the purpose of the account is to protect aggrieved individuals who suffer a monetary loss due to illegal acts of license ...

A buyer defaults on a contract and the seller chooses to receive the earnest money. This is an example of: CORRECT ANSWER Liquidated damages In a residential lease with a "right of first refusal" provision: CORRECT ANSWER The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else Bill is the buyer purchasing a property from Sally. All contingencies have been met and the parties are ready to close. One day prior to c...

Business Law Final Saunders Belmont | Latest Update | 2024/2025 | 100% Pass What is the purpose of a contract in business law? A contract serves as a legally binding agreement between parties that outlines their rights and obligations. What distinguishes a unilateral contract from a bilateral contract? A unilateral contract involves one party making a promise in exchange for an act, while a bilateral contract involves mutual promises between two parties. What are the essentia...

Default of contract and types of damages - ANSWER--In the event of default by the buyer, the seller may have several options, which include: -Liquidated damages. The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Liquidated damages are damages that are established in the contract. -Monetary damages. In addition to specific performance, the injured party may "seek such other relief as may be pr...

LEGL 2700 Test 1 Epstein UGA | Latest Update | 2024/2025 | Graded A+ What is breach of contract? A breach of contract occurs when a party fails to perform their duties as agreed upon in the contract. What is statute of frauds? The statute of frauds requires certain types of contracts to be in writing to be enforceable, such as contracts for the sale of real estate. What is liquidated damages? Liquidated damages are pre-determined amounts specified in a contract that are pay...

C. The correct entry type code for a warehouse withdrawal for AD/CVD duties is 34. From the Instructions for Preparation of CBP Form 7501 (July 24, 2012): BLOCK 2) ENTRY TYPE Warehouse Withdrawal For Consumption - 31 Quota/Visa - 32 AD/CVD - 34 Quota/Visa and AD/CVD combinations - 38 correct answer: AD/CVD 1. What is the correct entry type code for a warehouse withdrawal for antidumping/countervailing duties (AD/CVD)? A. 03 B. 21 C. 34 D. 32 E. 31 C. You would report th...

Legal Aspects of Real Estate Final Exam 100% Correct Which body of law is designed to protect the public from harm?Personal Property lawCivil lawCriminal lawTort law Criminal Law All of the following are types of monetary damages EXCEPT restitution. passive. compensatory. nominal. Passive In a civil case, the primary goal is to compensate the injured party for the damage done to him or her by establishing a case precedent. awarding either a legal remedy or equitable remedy. not providin...