60.1K

Verified Solution

Link Copied!

II. On October 15, Emma entered a written and signed contract to sell Jack an original Monet painting for $1,000,000. Jack made a 10% down payment of $100,000 when he signed the contract. Their contract stated that Jack would pay the balance of the purchase price, or $900,000 when Emma delivered the painting on December 20. A. On December 1, Emma advised Jack that she does not intend to go through with the contract because she has accepted a better offer from Noel. Jack insists that Emma complete her contractual obligations. What remedies may Jack seek? Explain fully. B. Instead of the facts in Part (A), assume that on December 1, Jack advises Emma that he no longer wants the painting and that he will not proceed with the sale. Their Oct. 15th sales contract provides that if Jack does not perform the contract, Emma is entitled to keep the $100,000 down payment. 1. What is this type of contractual provision called? 2. What factors would a court consider in deciding whether this contractual provision is enforceable and will allow Emma to keep the $100,000. II. On October 15, Emma entered a written and signed contract to sell Jack an original Monet painting for $1,000,000. Jack made a 10% down payment of $100,000 when he signed the contract. Their contract stated that Jack would pay the balance of the purchase price, or $900,000 when Emma delivered the painting on December 20. A. On December 1, Emma advised Jack that she does not intend to go through with the contract because she has accepted a better offer from Noel. Jack insists that Emma complete her contractual obligations. What remedies may Jack seek? Explain fully. B. Instead of the facts in Part (A), assume that on December 1, Jack advises Emma that he no longer wants the painting and that he will not proceed with the sale. Their Oct. 15th sales contract provides that if Jack does not perform the contract, Emma is entitled to keep the $100,000 down payment. 1. What is this type of contractual provision called? 2. What factors would a court consider in deciding whether this contractual provision is enforceable and will allow Emma to keep the $100,000

Answer & Explanation Solved by verified expert

See Answer