Liquidated Damage Provisions Contained in Contracts Are Always Enforceable

question 5

True/False

Liquidated damage provisions contained in contracts are always enforceable.

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Definitions:

Firm Offer

A proposal in contract law that explicitly states it will remain open for a specified period of time and cannot be revoked during that period.

UCC

This code, known as the Uniform Commercial Code, is an extensive assortment of legal rules that supervise commercial exchanges in the United States.

Common Law

A legal system characterized by case law and legal precedents established by court decisions, as opposed to statutory laws enacted by governmental bodies.

Consideration

The benefit, interest, right, or profit that induces a party to enter into a contract; a fundamental component of a valid contract.