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August 13, 2015

Define law of contract

A construction contractor entered into a contract to build a family room addition onto Harry s home for $25,000. In order to encourage timely performance, the agreement provided that the contractor would be penalized $5,000 as liquidated damages for each day that the project was late in getting finished. The contractor was 30 days late in finishing the project, but otherwise met the terms of the agreement. What is most likely in this situation?

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