What are liquidated damages? Does the UCC permit them? When are they valid?
What will be an ideal response?
The UCC permits parties to a sales or lease contract to establish in advance in their contract the damages that will be paid upon a breach of the contract. Such pre-established damages are called "liquidated damages" and are a substitute for actual damages. In a sales or lease contract, liquidated damages are valid if they are reasonable in light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy.
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Profitability measures are intended to indicate the extent to which an entity is being financed by debt and the ability of the entity to meet its debt obligations
a. True b. False Indicate whether the statement is true or false
When “reading” a message, a person can accept the dominant ideology but also engage in selective interpretation.
A. preferred reading B. negotiated code C. oppositional code D. motivational code
Newco Publishing Company purchased equipment at the beginning of 2014 for $200,000 . The company decided to depreciate the equipment over an 8-year period using the straight-line method. The company estimated the equipment's residual value at $20,000 . The journal entry to record depreciation expense for 2014 will
a. increase Depreciation Expense and increase Accumulated Depreciation for $25,000. b. increase Accumulated Depreciation and decrease Equipment for $25,000. c. increase Depreciation Expense and decrease Equipment for $22,500. d. increase Depreciation Expense and increase Accumulated Depreciation for $22,500.
Which of these is typically a nonrecurring cost?
A) Site study B) Labor C) Material D) Sales