Many will recall John Hughes’ 1986 hit movie Ferris Bueller’s Day Off, and hardcore fans even know the locations, mostly around the Chicago area, where different scenes of the movie were filmed.One of these locations was in north suburban Northbrook, where Glenbrook North and Glenbrook South high schools were used to represent the ficticious high school featured in the classic film.Liquidated damages, on the other hand, are an amount estimated to equal the extent of injury that may occur if the contract is breached. The non-defaulting party may obtain a judgment for the amount of liquidated damages, often based on a stipulation (clear statement) contained in the contract, unless the party who has breached the contract can make a strong showing that the amount of liquidated damages was so "unconscionable" (far too high under the circumstances) that it appears there was fraud, misunderstanding or basic unfairness. By this term is understood the fixed amount which a party to an agreement promises to pay to the other, in case he shall not fulfill some primary or principal engagement into which he has entered by the same agreement it differs from a penalty. When the damages are uncertain, and not capable of being ascertained by any satisfactory or known rule; whether the uncertainty lies in the nature of the subject itself, or in the particular circumstances of the case. These damages are determined when a contract is drawn up, and serve as protection for both parties that have entered the contract, whether they are a buyer and a seller, an employer and an employee or other similar parties. The revenue generated from selling that inventory would be used to repay the loan.Self-liquidating loans are not always a good credit choice.
There are also a number of scams that call themselves "self-liquidating loans".These loans are intended to finance purchases that will quickly and reliably generate cash.A business might use a self-liquidating loan to purchase extra inventory in anticipation of the holiday shopping season. Sackett, Trustee The purpose of the REMEC Liquidating Trust was to complete the winding-up of the affairs of REMEC, Inc. In 2005, shareholders approved the liquidation and dissolution of REMEC, Inc.and distribute the proceeds thereof to the holders of beneficial interests in the Trust. pursuant to a Plan of Complete Liquidation and Dissolution, intended to allow for the orderly disposition of the Company’s remaining assets and liabilities.