I. On April 1, Mike, a rap star, contacted Sam, for the purpose of leasing Sam's...
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I. On April 1, Mike, a rap star, contacted Sam, for the purpose of leasing Sam's house to be used as a recording studio. Sam showed Mike the house. Statement #1: Mike told Sam that he needed the house for a recording studio. Statement #2: Sam told Mike that the electrical system was adequate to support a recording studio. Statement #3: Mike said that he would lease the house for six months on June 1 for $150,000. Statement #4: Sam said $250,000. Statement #5: Mike said $200,000. Statement #6: Sam said OK. ANSWER QUESTIONS 31 THRU 77 BASED UPON THE FOLLOWING FACTS II. On April 1, Owner made a contract with a contractor, an electrical contractor, to do electrical work on Owner's hotel for $1 million. A clause in the contract stated that for each day that the work was not completed, Contractor would be liable for $10,000.00 per day. The contract provided that the work be done by June 1. QUESTION 56 Regarding punitive damages, the wealth of the defendant is irrelevant. ● True ● False QUESTION 57 Punitive damages can be reduced by the Appellate Division if the punitive damages are excessive. O True ● False QUESTION 58 In this case, Owner's case against Contractor is a proper case of liquidated damages. ● True ● False QUESTION 59 If liquidated damages are unreasonable, judge will void the clause. ● True ● False QUESTION 60 If liquidated damages are unreasonable, the plaintiff receives no damages whatsoever. ● True ● False I. On April 1, Mike, a rap star, contacted Sam, for the purpose of leasing Sam's house to be used as a recording studio. Sam showed Mike the house. Statement #1: Mike told Sam that he needed the house for a recording studio. Statement #2: Sam told Mike that the electrical system was adequate to support a recording studio. Statement #3: Mike said that he would lease the house for six months on June 1 for $150,000. Statement #4: Sam said $250,000. Statement #5: Mike said $200,000. Statement #6: Sam said OK. ANSWER QUESTIONS 31 THRU 77 BASED UPON THE FOLLOWING FACTS II. On April 1, Owner made a contract with a contractor, an electrical contractor, to do electrical work on Owner's hotel for $1 million. A clause in the contract stated that for each day that the work was not completed, Contractor would be liable for $10,000.00 per day. The contract provided that the work be done by June 1. QUESTION 56 Regarding punitive damages, the wealth of the defendant is irrelevant. ● True ● False QUESTION 57 Punitive damages can be reduced by the Appellate Division if the punitive damages are excessive. O True ● False QUESTION 58 In this case, Owner's case against Contractor is a proper case of liquidated damages. ● True ● False QUESTION 59 If liquidated damages are unreasonable, judge will void the clause. ● True ● False QUESTION 60 If liquidated damages are unreasonable, the plaintiff receives no damages whatsoever. ● True ● False
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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