Liquidated damage amount stated in contract

Assignment Help Operation Management
Reference no: EM1321662

Mica Co. agreed to build a commercial storage building by September 1 for Pack Rat Storage. It was hard to predict Pack Rat's losses if the building was not completed on time. The parties estimated that Pack Rat would lose $200 in storage fees per day if the building was not completed on time. Thus, the contract required Mica to pay liquidated damages of $200 per day if the work was completed late. Mica finished ten days late. Pack Rat actually lost $1,800 due to the breach.

• Is the liquidated damage amount stated in the contract between Mica Co. and Pack Rat Storage valid, or is it an invalid penalty?

• How much in damages can Pack Rat Storage recover from Mica Co.?

Reference no: EM1321662

Previous Q& A

  Sufficient information to reject the hypothesis

No, there is not sufficient information to reject the hypothesis that the proportion of cats and the proportion of dogs that sleep more than 10 hours per day are the same because the test value -0.65 is inside the acceptance region (-1.96,1.96).

  Total output in a single-good economy

Assume that in 1984 the total output in a single-good economy was 7000 buckets of chicken.

  Determine the linear correlation coefficient

Determine the linear correlation coefficient using x = HP and y = MPG. Perform the hypothesis test of rho to determine whether horsepower and gasoline mileage are negatively correlated at the one percent level of significance? [For the critical value..

  Developing the website-based sales system

Consider that you have been hired in order to develop the website-based sales system for the large international retail sales firm.

  New textbook sales fall in the yrs subsequent

Elucidate why would new textbook sales fall in the yrs subsequent the release of the latest edition.

  Elements of anglo-saxon lyrics

Discuss the elements of Anglo-Saxon lyrics in reference to the poem's theme of exile. How do caesuras, kennings, assonance, and alliteration contribute to create an elegiac feel (a sense of sadness, grief, or loss) and express the theme of exile?

  Test statistic value and degrees of freedom

In comparing the two variances below, what is the test value and what are the degrees of freedom that should be used?

  Probability of applicants are failing the test

Would it be sensible to conclude that more than 10% of applicants are now failing the test?

  Subsequent cost relationships for a single-product

Consider the subsequent cost relationships for a single-product Is there a minimum efficient scale of plant implied by these cost relationships

  Determining the area and perimeter of triangle

The class has attributes length and width, each of which defaults to 1. It has read-only properties which determine the Perimeter and Area of the rectangle.

Reviews

Write a Review

 

Similar Q& A

  Operating decisions for process solutions

Solutions provides a computer-based document processing service

  Generic pharmaceuticals industry

How does Teva compete in the generic pharmaceuticals industry? What is its competitive advantage. Evaluate Teva's resources. Which are its most valuable ones?

  Managing operations and information

Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..

  Leadership styles in different organizations

Ccompare the effectiveness of different leadership styles in different organizations

  Philosophy of proper business ethics

What is your philosophy of proper business ethics? Develop at least five different points or arguments that support your thinking. Use outside research, textbook analysis and our course as a resource.

  Storage and distribution operation

storage and distribution operation

  Discussing global operations management

Write a five-page paper discussing "Global Operations Management, Global Operations Manufacturing. What are the benefits/downsides of creating manufacturing operations outside the United States?

  Making a critical assessment of the toyota production system

Making a Critical Assessment of the Toyota Production System (TPS) Today Use of a Grid Analysis (Weighted Scoring Model) to Help Make the North American Plant Location Decision for the RX 330

  Operation management

marketing strategy, turnover in terms of revenue, Paid out rate

  Build and describe a prototype model

Mathematical Programming and Optimisation: Build and describe a prototype model Use your model to recommend a schedule of burning and, if required buying fuels

  Mathematical formulation of the model

Mathematical formulation of the model

  Describe the elements of valid contract

Explain the elements of valid contract, and describe how consumers and banks each have a duty of good faith and fair dealing in the banking relationship.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd