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Author Question: Mike contracted to buy Rita's house in a written contract that provided for a deposit of $10 000 to ... (Read 81 times)

mmm

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on: Aug 7, 2021
Mike contracted to buy Rita's house in a written contract that provided for a deposit of $10 000 to be forfeited in the event of Mike's failing to go through with the deal. This deposit was an honest estimate of the damages Rita would suffer. On these facts, which of the following is true?
◦ If the contract price agreed upon was $150 000 and Rita, after Mike breaches the contract, sells the house in one week for $138 000, she will still be able to recoup all her losses.
◦ If Mike breaches the contract, he would not have to pay $10 000 even if Rita suffered a substantial loss.
◦ If Mike breaches the contract, he will have to pay Rita all damages that directly and naturally flow from the breach.
◦ A clause in a contract that provides for the forfeiture of a deposit is called an exemption clause.
◦ If Mike breaches the contract, he would have to pay $10 000 even if Rita's actual loss was $40 000.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
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Marked as best answer by mmm on Aug 7, 2021

mcabuhat

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Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mmm

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Reply 2 on: Aug 7, 2021
Thanks for the timely response, appreciate it

kishoreddi

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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