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Watson agreed to buy Ingram's house for $355,000. The contract provided that Watson deposit $15,000 as earnest money and that ‘‘in the event of default by the Buyer, earnest money shall be forfeited to Seller as liquidated damages, unless Seller elects to seek actual damages or specific performance.''
Because Watson did not timely comply with all of the terms of the contract, nine months after the Watson sale was to occur, Ingram sold the house to a third party for $355,000. Is Ingram entitled to Watson's $15,000 earnest money as liquidated damages? Explain.
Go to the websites of the American Institute of Certified Public Accountants ( www.aicpa.org ) and the Institute of Management Accountants ( www.imanet.org ).
How many employees/people do you typically manage at one time?
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Later, when suit was brought on the agreement, NEFCO argued that it was unenforceable because the written agreement failed to mention the quantity. Do you agree with NEFCO? Explain.
Kare-Full Katering Inc.
You have become the president of the International Business Club at your school. You are trying to recruit new members and find that many students do not recognize the importance of international business or the career opportunities available to t..
Sam, seeing Nathan's helpless state, places him in his car for the purpose of taking him to the hospital. Sam drives negligently into a ditch, causing additional injury to Nathan. Is Sam liable to Nathan?
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