Figure 1.2
Using the figure above, identify the labeled part.
-Label Z: ______________________________
Definitions:
Liquidated Damages
A predetermined sum agreed upon in a contract, payable as compensation for failure to perform specific acts or to fulfill certain conditions.
Doctrine Of Part-Performance
A legal concept in contract law that allows an unwritten contract to be enforced if one party has taken significant steps to perform their part.
Quantum Meruit
A doctrine in contract law that allows a person to recover reasonable value of services rendered, when a contract does not exist or is unclear, based on the idea of preventing unjust enrichment.
Abandoned Contract
A contract that is no longer active because all parties have ceased to perform their obligations.