ContractsCâu 60 / 120
If a buyer defaults, a contract clause that pre-sets the seller's damages (often the earnest money) is called a:
a.Specific performance clause
b.Liquidated damages clause
c.Subordination clause
d.Habendum clause
Giải thích
A liquidated damages clause fixes in advance the amount one party recovers if the other defaults, avoiding the need to prove actual damages. In many residential contracts, the earnest money serves this role.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A contract signed by a minor is generally considered:
- 'Time is of the essence' in a contract means:
- Substituting a new contract for an existing one, or replacing a party with a new party by agreement, is known as:
- A legal remedy in which a court orders a defaulting seller to actually convey the property as agreed is:
- The 'parol evidence rule' generally prevents a party from:
- In Texas, the Seller's Disclosure Notice for residential property generally requires the seller to disclose:
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