Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Richard signed a contract to buy Victoria's house for $240,000. The contract stated if Richard broke the contract, he would pay Victoria $24,000 (10% of

Richard signed a contract to buy Victoria's house for $240,000. The contract stated if Richard broke the contract, he would pay Victoria $24,000 (10% of the sale price).After signing the contract, Richard decided to buy Edward's house and notified Victoria he was breaking the deal with her. He paid her the $24,000 which was the agreed upon liquidated damages.

About a month later Richard learned that Victoria had sold her house for $290,000. He contacted Victoria and said he was happy she sold it for $50,000 MORE than what she had agreed to it to him! He then said he would please like his $24,000 back since she had actually benefited by his breach. Victoria said she would not return the money to Richard.Does Richard have a good, legal claim to get his money back? Explain.

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

Elliott And Quinns Tort Law

Authors: Frances Quinn

12th Edition

1292251441, 978-1292251448

More Books

Students also viewed these Law questions

Question

Draw a picture consisting parts of monocot leaf

Answered: 1 week ago

Question

6. How can hidden knowledge guide our actions?

Answered: 1 week ago

Question

7. How can the models we use have a detrimental effect on others?

Answered: 1 week ago