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Truth be told, the heading of this article is taken from a common usage, or vernacular, perspective; from a technical, legal perspective, it is simply wrong. Here’s why: The term “liquidated damages,” at least under New York law, means that a court has determined as a matter of law that the specific amount of monetary [...]
In Meadus v. Rosenthal, a decision surrounding a failed real estate deal that was handed down on November 5, a Brooklyn judge sitting in the Civil Court made an unusual decision, and allowed the seller to keep the buyer’s escrow payment. Here’s why: The contract of sale provided that the plaintiff-buyer was going to obtain [...]
In many long-term contracts, such as in the services industry, it has become rather commonplace for the service provider to insert a liquidated damages clause, which essentially sets forth the specific damages they will be entitled to if the recipient terminates the contract prematurely. As I’m sure you know, not all liquidated damages clauses are [...]
3 Reasons Why
Your Employment Agreement
May be Worthless
NY Breach of Contract Guide:
When You Don't Have a
Written Agreement
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