Creekside Property Corporation Enters into a Contract with Delta Management

question 80

Multiple Choice

Creekside Property Corporation enters into a contract with Delta Management Associates to manage and maintain Creekside's apartment complex. Their contract provides that neither party can recover damages for a non-fraudulent or unintentional breach. This is

• A) a limitation-of-liability clause.
• B) an exculpatory clause.
• C) an illegal clause.
• D) a quasi contract.

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Definitions:

Credit Card Responsibility and Disclosure Act

U.S. federal legislation aimed at protecting consumers by making credit card agreements more transparent and limiting certain fees and interest rates.

Independent Income

Earnings obtained from sources other than traditional employment, such as investments, royalties, or business ventures, providing financial autonomy.

Co-signer

An individual who agrees to be equally responsible for repaying a loan or debt if the primary borrower fails to make payments.

Financial Trouble

A situation where an individual or organization is struggling to manage their finances or meet financial obligations.