Question

1) ESIGN:

a) Is a federal law that regulates the use of electronic contracts and signatures for interstate commerce

b) Stands for Electronic SIgnatures for the Government Nationally

c) Requires all paper contracts to have an electronic counterpart

d) Requires all electronic contracts to have a paper counterpart

2) Gerald has agreed to purchase Reta’s home for $50,000. As part of the agreement, he must put down a deposit of $5,000. Both parties agree that if either of them does not follow the terms of the contract, the other person gets the $5,000 deposit. Gerald fails to follow through with the purchase; Reta keeps the $5,000. This is an example of:

a) Compensatory damages

b) Consequential damages

c) Liquidated damages

d) Punitive damages

Answer 1

Solution:

Given that: