Liquidated damages provision in purchase agreement

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Reference no: EM132183652

1. A buyer who recovers money losses is entitled to recover interest at the legal rate of 10%, commencing on the date of the seller's breach, on amounts recovered for:

a) the price-to-value differential loss.

b) funds expended on title examination and other transaction expenses incurred preparing to take title.

c) expenses incurred preparing the property to take possession.

d) All of the above.

2. Recoverable money losses the seller may incur as transactional expenditures include:

a) escrow and title charges.

b) lender charges for beneficiary statements.

c) Both a and b.

d) Neither a nor b.

2. Without a liquidated damages provision in the purchase agreement, the seller is entitled to recover:

a) only 3% of their money losses caused by the buyer's breach.

b) only 10% of their money losses caused by the buyer's breach.

c) the entire amount of their money losses caused by the buyer's breach.

d) none of their money losses caused by the buyer's breach.

3. A seller's agent is to advise their seller in times of weak or weakening pricing power to:

a) avoid agreeing to a ceiling on the buyer's liability.

b) request only a very small deposit from the buyer.

c) Both a and b.

d) Neither a nor b.

4. Any defect in an arbitrator's award resulting from error of fact or law, no matter how flagrant, is neither reviewable nor correctable, unless the arbitrator:

a) exceeded their authorized powers.

b) acted with fraud or corruption.

c) failed to disclose grounds for their disqualification.

d) Any of the above.

Reference no: EM132183652

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