COMM 393 Lecture Notes - Dow Corning, Northguard, Limited Liability Partnership
Document Summary
First payment is payable to blackcomb"s lawyer, in trust, within 24 hours after acceptance. This parties are agreeing that, if the purchaser cannot complete the contract, then it would be up to blackcomb to decide to discharge the contract and retain the deposit as liquidated damages. If everything goes through as planned, the deposit becomes part of the payment. It is important to notice that the deposit has to be a genuine pre- In real estate 10-20% of the purchase price are usually considered as a genuine pre-estimate of the damage. The 2,290,000 is due on completion day march 1. Schneider notify blackcomb that he is won"t have the money by then. Blackcomb gave schneider an extension to march 10. Schneider was not able to come up with the money. Several extensions: march 19, march 30, may 14, june. Blackcomb consider the k as discharged on june 16, and demanded the deposit to be released from trust.
