Contracts
In South Carolina, 'liquidated damages' are predetermined. They differ from 'actual damages' in that:
ALiquidated damages are always higher than actual damages
BLiquidated damages are specified in advance; actual damages are calculated after a breach✓ Correct
CActual damages are only available for sellers
DLiquidated damages require court approval
Explanation
Liquidated damages are agreed upon in the contract before any breach occurs. Actual (compensatory) damages are calculated based on the real loss suffered after the breach occurs.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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