Thus, overall, the seller had obliged itself to pay the buyers ,000 in one case and 0,000 in the other if it did not perform the post-closing obligations it had undertaken.
The seller did not perform and the buyers sued for the 0,000 provided for under these two contracts.
However, most courts will seek to achieve a fair result and will not enforce a term that will lead to the unjust enrichment of the enforcing party.(3) However, the inclusion of a liquidated damages clause may not be equitable to both parties in terms of the balance between the legitimate interests of one party and the result outlook of the other.
, although I think that those conclusions are ultimately outnumbered by the questions the opinion raises.
In two different situations, the seller of land had promised the buyers that it would complete the task of obtaining some necessary entitlements, after the escrows had closed, and had then failed to keep those promises.
What makes the situation interesting is that both contracts not only provided for these additional acts of belated performance by the seller, but also provided for the particular remedies the buyers were to have if that performance was not rendered.
One reason for this is that the enforcement of the term would, in effect, require an equitable order of specific performance.
However, courts sitting in equity will seek to achieve a fair result and will not enforce a term that will lead to the unjust enrichment of the enforcing party.
Consumers argued these charges were well beyond the cost of sending a computerised letter.
Non-binding arbitration is, on the surface, similar to mediation.
However, the principal distinction is that whereas a mediator will try to help the parties find a middle ground on which to compromise, the (non-binding) arbitrator remains totally removed from the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable.
Construction contracts have many elements found in a basic business contract, however there are a number of unique terms that are found almost exclusively in construction contracts.
Abandonment Arbitration Bid Protests/disputes Bond and Surety Breach of contract Cardinal change Change orders Changed conditions Consequential damages Default Defects Delays Differing site conditions Exculpatory clauses Flow down Incorporation by reference Indemnification Liquidated damages Miller Act No damage for Delays No contract Notice Payment Payment disputes Pay-if-paid/pay-when-paid Prevailing wages Private works Public works Retention Right to stop work Scope of work Schedule (project) Schedule of values Stop notices Termination (for cause or convenience) Unenforceable Warranty We are... One type of abandonment is contract abandonment, where the parties both have conducted themselves in such a way that the original contract is no longer valid.