Assume that jack, 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 says that prior to the closing, jack will have an addition to the dining room built. in order to make sure that jack does this in a timely manner, 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 this clause to be enforceable:

Question

Shyla Nguyen

Business

20 October, 20:57

Assume that jack, 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 says that prior to the closing, jack will have an addition to the dining room built. in order to make sure that jack does this in a timely manner, 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 this clause to be enforceable:

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Angel Huynh · Answer 1

It would be very imperative to know the start date for the addition. The best option to go with would be creating an additional plan and hiring a contractor to finish the addition in a timely manner. Jack may not complete the room on time. Instead of deducting from the price of the restaurant for every additional day after the 15th, it is best to just pay a contractor to get it done right so that the value of the restaurant doesn't go down.