Business, 04.04.2020 12:17 newben

Assume that Jack and Hal and Sophia enter into a valid contract for the sale of the restaurant and for the covenant not to compete. Part of the agreement states that prior to the closing Jack will have an addition to the dining room built on to the building. In order to make sure that Jack does this timely, Hal and Sophia put a clause into the contract that states that for every day past October 15th that the addition is not finished, Hal and Sophia are entitled to reduce the purchase price by $500. In order for the clause to be enforceable:
At the time that the contract was entered into, it must be hard to estimate the damages for a breach
The amount set as damages that is a reasonable estimate of the actual damages and not a penalty

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Assume that Jack and Hal and Sophia enter into a valid contract for the sale of the restaurant and f...