QuickHelper

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Category > Management Posted 07 Oct 2017 My Price 5.00

Raphael offered to sell a rare painting to Leonardo for $300,000

Raphael offered to sell a rare painting to Leonardo for $300,000.  The contract contained a clause that if there was a breach of contract, the other party would pay $10,000.  Raphael renegaded on the sale and Leonardo sought the money stipulated under the contract.

Please select all the correct statements.

 

This was an invalid liquidated damage clause.
This was a valid liquidated damage clause.
Leonardo is entitled to $300,000.
Raphael will not have to pay Leonardo any money.
The liquidated damage clause was a penalty.
Raphael will have to pay Leonardo $10,000.

Answers

QuickHelper
(10)
Status NEW Posted 07 Oct 2017 04:10 PM My Price 5.00

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