Kenneth entered into a contract to sell his home to Valerie, who put down a $5,000 earnest money deposit. At the last minute, Va

Question

2 years ago

11

lerie backed out of the deal and Kenneth kept the earnest deposit. This is an example of ______.

1 answer:

densk [106] · Answer 1 · 2022-11-12T21:16:51+03:00

An example of accepting liquidated damages is when valerie backed out of the deal and Kenneth kept the earnest deposit.

<h3>What is a liquidated damages?</h3>

A liquidated damages refers to a pre-estimated probable loss that would be suffered from the late completion of a contract.

In conclusion, the example of accepting liquidated damages is when valerie backed out of the deal and Kenneth kept the earnest deposit.