Damages That Will Be Paid Upon a Breach of Contract

question 6

Multiple Choice

Damages that will be paid upon a breach of contract, but that are established in advance are known as ________.

• A)capture
• B)replevy
• C)installment damages
• D)liquidated damages

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Definitions:

Social Security

A government program designed to provide financial support to people who are retired, disabled, or unable to work.

Corporate Sector

The portion of an economy comprised of corporations, including businesses and enterprises, engaged in commercial or industrial activities.

Medicare Tax

A federal payroll tax imposed on both employees and employers to fund Medicare, the United States' health care program for the elderly and some disabled individuals.

Tax Shifting

The process by which the economic burden of a tax is passed from one entity to another, such as from businesses to consumers.