Use the IRAC method and DIscuss with your classmates. Anthony makes a contract t
ID: 381868 • Letter: U
Question
Use the IRAC method and DIscuss with your classmates.
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 paining and is sued by Laura for $5000. Can she recover this amount? Explain using IRAC: Issue, Rule, Analysis, and Conclusion
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 paining and is sued by Laura for $5000. Can she recover this amount? Explain using IRAC: Issue, Rule, Analysis, and Conclusion
Explanation / Answer
here the issue of payment in the case of failure to performe a contract, which is already signed by both the parties.
the rule is that- if the parties fail to a given contract, they need to pay damage or loss decided by the contract or law. hence here it is there in the agreement if Anthony fails to deliver the painting to Laura, Anthony has to pay $5000 for damage.
analysis- the obligation of each party is dicussed in the contract, and it is their responsibility to deliver what they promised. but in the given case, it is noticed that, Anthony is failed to perform what he promised to Laura. hence, Anthony is liable to Laura according to act or law.
conclusion- Anthony has to pay $5000 to Laura for non performing of contract, what he promised in the contract.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.