Question
PLEASE USE IRAC Anthony makes a contract to sell a rare painting to Laura for $100,000. The written contract specifies that if Anthony should fail
PLEASE USE IRAC
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
(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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