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 61 Whether liquidated damages are reasonable depends upon whether both parties agreed upon the damages. ● True ● False QUESTION 62 Death of the Contractor will always be an excuse for breach of contract. ● True ● False QUESTION 63 Destruction of the subject of the contract can be an excuse for breach of contract. ● True ● False QUESTION 64 Illegality can be an excuse for breach of contract. ● True ● False QUESTION 65 Unforeseen difficulties are not an excuse for breach of contract. ● 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 61 Whether liquidated damages are reasonable depends upon whether both parties agreed upon the damages. ● True ● False QUESTION 62 Death of the Contractor will always be an excuse for breach of contract. ● True ● False QUESTION 63 Destruction of the subject of the contract can be an excuse for breach of contract. ● True ● False QUESTION 64 Illegality can be an excuse for breach of contract. ● True ● False QUESTION 65 Unforeseen difficulties are not an excuse for breach of contract. ● True ● False
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The detailed answer for the above question is provided below ANSWER Here are the answers to your questions QUESTION 61 Whether liquidated damages are reasonable depends upon whether both parties agree... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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