Damages That Are Fixed in the Contract for the Amount

question 67

Multiple Choice

Damages that are fixed in the contract for the amount to be awarded in the event of a breach are known as:

• A) punitive damages.
• B) liquidated damages.
• C) consequential damages.
• D) conditional damages.
• E) incidental damages.

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Definitions:

Strategic Thinking

The process of analyzing critical factors and variables that will influence the long-term success of a business or decision.

Relationship Selling

A sales approach that focuses on creating and maintaining positive relationships with customers as a means to secure long-term business and loyalty.

Customer Loyalty

The likelihood of previous customers continually choosing one company's products or services over its competitors, often due to positive experiences and satisfaction.

Cognitive Dissonance

The psychological discomfort experienced by a person who holds two or more contradictory beliefs, ideas, or values at the same time.