Question
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.
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