Question: Please help to USE the Issue, Rule, Analysis, Conclusion ( IRAC ) Method. Anthony makes a contract to sell a rare painting to Laura for

Please help to USE the Issue, Rule, Analysis, Conclusion (IRAC) Method.

Anthony makes a contract to sell a rare painting to Laura for $100,000. The written contract specifies that if Anthony should fail to perform the contract, he will pay Laura $5,000. as liquidated damages. Anthony fails to deliver the painting and is sued by Laura for $5000.

Can she recover this amount?

Explain using IRAC (HINT - The issue needs to involve a question about whether or not a person who has a contract with a liquidated damages clause for a rare painting can recover those damages, the rule needs to outline what is required for a valid liquidated damages clause...)

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