Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Joey and Chandler were roommates and they had made a contract with the Keep You Safe Corporation where the corporation would provide a burglar alarm

Joey and Chandler were roommates and they had made a contract with the Keep You Safe Corporation where the corporation would provide a burglar alarm security for Chandler and Joeys apartment. The contract stated that the maximum liability of the alarm company was the actual loss sustained or $150, whichever was the lesser, and that the provision was agreed to as liquidated damages and not as a penalty. One day, Joey was trying to sell an entertainment center he made; however, the man declined to purchase it. Three days later, the man ended up breaking into Joey and Chandlers apartment and stole all their furniture. Chandler called the Keep You Safe Corporation to report the loss, and the corporation reimbursed them for $150. Subsequently, Chandler and Joey sued the Keep You Safe Corporation for the loss of approximately $8,500, claiming that the corporation had been negligent. The corporation claimed that its maximum liability was $150; however, Chandler and Joey claimed that the amount was invalid becau

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The New CFO Financial Leadership Manual

Authors: Steven M. Bragg

3rd Edition

0470882565, 978-0470882566

More Books

Students also viewed these Finance questions

Question

5. Recognize your ability to repair and let go of painful conflict

Answered: 1 week ago