Anderson Business Law and the Legal Environment 23rd Edition
Assignment – USE IRAC
IRAC stands for
– Conclusion Note There contains multiple discussion questions that are required to answer.
Thoroughly explain and answer using IRAC.
Fully describe the applicable laws and then apply them to the material facts.
Explain your analysis. If make assumptions of fact, fully explain them (MAKE SURE TO DO ALL OF THIS IN THE IRAC FORMAT).
Anthony makes a contract to sell a rare painting to Laura for $100,000. The written contract specifies that if Anthony should fail to perform the contract, he will pay Laura $5,000. as liquidated damages. Anthony fails to deliver the paining and is sued by Laura for $5000. Can she recover this amount? Explain using IRAC (HINT – The issue needs to involve a question about whether or not a person who has a contract with a liquidated damages clause for a rare painting can recover those damages, the rule needs to outline what is required for a valid liquidated damages clause…)