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The purpose of a liquidated damages clause is to increase certainty and avoid the legal costs of determining actual damages later if the contract is breached. Thus, they are most appropriate when (a) the parties can agree in advance on reasonable compensation for breach, but (b) the court would have a difficult time determining fair ...
In United States law, treble damages is a term that indicates that a statute permits a court to triple the amount of the actual/compensatory damages to be awarded to a prevailing plaintiff. Treble damages are usually a multiple of, rather than an addition to, actual damages, but on occasion they are additive, as in California Civil Code § 1719.
Monetary Damages are Adequate: If the harm caused by the breach can be adequately compensated with money, specific performance is unlikely to be ordered. Contract is Not Clear or Enforceable: If the contract terms are ambiguous, not agreed upon by all parties, or the contract is otherwise unenforceable, specific performance will not be granted.
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
A real estate license must be obtained from the DRE in order to engage in the real estate business and to act in the capacity of a real estate broker or salesperson within the State of California. Before applying for a license, all education and experience requirements mandated by the Department must be fulfilled. [ 6 ]
An exculpatory clause is generally only enforceable if it does not conflict with existing public policy. [2] The two other prerequisites for an exculpatory clause to be valid are that the contract must pertain to the involved parties' private affairs, and each of the involved parties must be free bargaining agents to the contract in question ...
Penal damages are liquidated damages which exceed reasonable compensatory damages, making them invalid under common law.While liquidated damage clauses set a pre-agreed value on the expected loss to one party if the other party were to breach the contract, penal damages go further and seek to penalise the breaching party beyond the reasonable losses from the breach. [1]
Under common law, a liquidated damages clause will not be enforced if the purpose of the term is solely to punish a breach (in this case it is termed penal damages). [23] The clause will be enforceable if it involves a genuine attempt to quantify a loss in advance and is a good faith estimate of economic loss.
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