Liquidated damages - Study guides, Class notes & Summaries

BUL 3130 TEST 1 QUESTIONS WITH VERIFIED ANSWERS Which of the following is not an equitable remedy? - Answer-money damages Damages intended to punish a wrongdoer are called _____________. - Answer-punitive damages In which of the following situations would a delegation of contractual duties be allowed? - Answer-a painter hired to paint a house When a party has knowledge that either a complete or a partial breach will occur by the other party and therefore refuses to perform, this is re...

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 ...

in the even of default by the buyer: the seller can choose to accept the buyers earnest money as ________ _________, releasing all parties from any further obligation under the contract. these are damages that are established in the contract - ANSWER liquidated damages in the even of default by the buyer: the injured party may "seek such other relief as may be provided by law." this would be an award of ________ _________ by the court. because ____________ __________ are awarded b...

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...

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...

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...