Jamie Contracts to Sell a Residential Duplex to Keril

question 55

Multiple Choice

Jamie contracts to sell a residential duplex to Keril.The contract pro?vides that if Jamie does not close the deal by September 15,she must pay Keril one-half of the duplex's sale price.This provision is not enforceable because it is

• A)a liquidated damages clause.
• B)a mitigation of damages clause.
• C)a nominal damages clause.
• D)a penalty clause.

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Wheat Farmer

An individual or business involved in the cultivation of wheat as a primary crop.

Fast Food

Quick-service restaurants offering minimal table service and food that is prepared and served very quickly, often packaged for takeout or drive-through service.

Demand Curve

a graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing to buy.

Cost Functions

Mathematical relationships expressing the cost of production as a function of the quantity of output produced.