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bill buyer and sam seller have a contract with an inspection objection deadline of may 1. bill undertakes inspections and notifies sam on the morning of may 2 that he objects to a hole in the roof and asks sam to repair it. sam refuses to fix it. what are the parties' rights? the contract has a liquidated damages provision.

Respuesta :

Bill may cancel the agreement, but he will forfeit the earnest money deposit. a clause in a contract that requires a party in breach to compensate the other party with a predetermined sum of money in exchange for the breaching party's failure to carry out a certain job or adhere to a specific duty or obligation.

What sort of damage is considered liquidated?

When a person or bank lends money in the form of a loan and the allotted period for payback expires before the payment is finished, that is an example of liquidated damages. According to the terms of the contract, the party who is in default must make up for this harm.

What is a liquidated losses provision, and under what circumstances might it be void?

The liquidated damages provision aids in compensating parties for anticipated contract breaches. It  compensation payment is too large in relation to market value, it is no longer enforceable.

To know more about  liquidated damages visit:-

https://brainly.com/question/28498187

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